Siti Networks Defaults on Loan Payments to Multiple Banks, Totaling ₹1,206 Crore
Siti Networks defaulted on term loan installments and interest payments to multiple banks, with total outstanding borrowings of ₹1,206.03 crore as of February 22, 2023. The company is under Corporate Insolvency Resolution Process (CIRP) initiated on February 22, 2023. Legal appeals are ongoing at the NCLAT and Supreme Court.
Defaults on significant loan amounts and the ongoing insolvency resolution process have a substantial impact on the company's financial health and future operations.
The company has disclosed defaults on loan payments to multiple banks, indicating severe financial distress.
Siti Networks Limited has disclosed defaults on term loan installments and interest payments to several banks, including ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, Indusind Bank, Vani Agencies Pvt. Ltd., and ICNCL. The default, which occurred on September 30, 2026, has continued beyond 30 days. The total outstanding borrowings from these banks amount to ₹1,206.03 crore as of February 22, 2023, with claims submitted by lenders totaling ₹1,500 crore as of August 10, 2023.
This disclosure is made in compliance with SEBI Circular No. SEBI/HO/CFD/CMDl/CIR/2019/140 dated November 21, 2019. The company is undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal (NCLT), Mumbai, on February 22, 2023. Subsequent legal proceedings, including appeals at the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court, have impacted the CIRP process and the handling of financial claims.
Notably, a financial creditor claim of Zee Entertainment Enterprise Limited (ZEEL) was assigned to Vani Agencies Private Limited (VAPL). VAPL's claim was admitted as a financial debt, and a subsequent application to include VAPL in the Committee of Creditors (CoC) was allowed by the NCLT on August 27, 2026. The company's board powers are currently suspended and vested in the Resolution Professional.
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Siti Networks Limited filed this with the NSE as a statutory disclosure, categorised under fraud/defaults disclosure. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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