Siti Networks Defaults on Loan Payments; Total Default Amount ₹1,206 Crore
Siti Networks Limited reported defaults on term loan installments amounting to ₹1,206.03 crore as of August 10, 2023. The company is undergoing Corporate Insolvency Resolution Process (CIRP) since February 22, 2023. Legal appeals are ongoing, with the Supreme Court imposing a stay on certain financial creditor actions.
Defaults on loan payments and an active CIRP process have a severe and direct impact on the company's financial health, operations, and investor confidence.
The company is facing significant financial distress, indicated by defaults on loan payments and the ongoing Corporate Insolvency Resolution Process (CIRP).
Siti Networks Limited has disclosed defaults on term loan installments, with the latest default occurring on April 30, 2026, and continuing beyond 30 days. The total amount of the current default, as of August 10, 2023, stands at ₹1,206.03 crore, a decrease from ₹1,500 crore reported on February 22, 2023. This disclosure is made in compliance with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/2019/140 dated November 21, 2019.
The company's total outstanding borrowings from banks and financial institutions, as per the claims submitted by lenders, are ₹1,206.03 crore as of August 10, 2023, and ₹1,500 crore as of February 22, 2023. Lenders include ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd. (which has acquired Zee Entertainment Enterprise Limited's claim), and ICNCL.
Siti Networks is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, on February 22, 2023. Appeals related to the CIRP proceedings have been filed and are ongoing, with the Hon'ble Supreme Court currently granting a stay on financial creditors remitting amounts received during a specific period and prohibiting payments to operational creditors for liabilities relating to that period.
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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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