Siti Networks Defaults on Loan Payments; Faces Over ₹1,200 Crore Default
Siti Networks Limited has disclosed defaults on the payment of term loan installments and interest to various banks and financial institutions. The disclosure, made in compliance with SEBI circulars, ...
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Why is Siti Networks Limited in the news today?
Siti Networks Limited (SITINET) is in the news due to the company has disclosed significant defaults on loan payments and is undergoing insolvency proceedings, indicating severe financial distress.
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Siti Networks Defaults on Loan Payments; Faces Over ₹1,200 Crore Default
December 31, 2025, 11:01 AM
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Siti Networks Limited has disclosed defaults on the payment of term loan installments and interest to various banks and financial institutions. The disclosure, made in compliance with SEBI circulars, details defaults occurring on November 30, 2025, which have continued beyond 30 days.
The total amount of claims submitted by lenders as of August 1, 2023, stands at ₹1,500 crore, with the principal amount being ₹1,206.03 crore. Key lenders include Axis Bank, ARCIL, Aditya Birla Finance, IDBI Bank, Indusind Bank, RBL, Vani Agencies Pvt. Ltd. (which acquired ZEEL's related party claim), and Indian Cable Net Company Limited.
The company is currently undergoing Corporate Insolvency Resolution Process (CIRP), initiated by the National Company Law Tribunal (NCLT) on February 22, 2023. The NCLT's order, along with subsequent appeals and interim orders, has created a complex legal situation regarding financial obligations and the reversal of transactions during a stay period. Appeals have been filed before the Hon'ble Supreme Court against a recent NCLAT judgment, with a stay currently in place preventing financial creditors from remitting amounts received during the CIRP stay period. Further updates will be provided based on the outcome of these legal proceedings.
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