Siti Networks Limited Discloses Default on Loan Payments
Siti Networks Limited reported a default on interest and principal payments related to loans from banks and financial institutions as of March 31, 2026. The disclosures, made in compliance with SEBI Circular No. SEBI/HO/CFD/CMDl/CIR/2019/140 dated November 21, 2019, reveal a total loan amount outstanding of 1,206.03 crore as of the reporting date, compared to 1,500.00 crore as of February 22, 2023. The amount of default mirrored the outstanding amount in both reporting periods at 1,206.03 crore.The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, with Rohit Mehra appointed as the Interim Resolution Professional.
The National Company Law Tribunal (NCLT) initiated the CIRP on February 22, 2023. An appeal against this order was initially filed with the National Company Law Appellate Tribunal (NCLAT), but the NCLAT dismissed the appeal on August 10, 2023, reinstating the CIRP.
On October 1, 2024, the NCLT issued an order establishing the insolvency commencement date at February 22, 2023, and addressed matters including the applicability of a moratorium and the treatment of transactions during a stay period.
The National Company Law Appellate Tribunal (NCLAT) rendered its judgment on July 31, 2025, dismissing appeals filed by certain lenders and directing them to remit amounts back to the corporate debtor. Currently, certain financial creditors have filed appeals before the Hon'ble Supreme Court against this NCLAT judgment, and a stay has been granted preventing them from remitting funds and delaying payments to operational creditors.
The disclosed figures are based on claims received as of August 10, 2023, and February 22, 2023, and future filings may reflect adjustments pending outcomes of ongoing appeals before the Supreme Court.
| SI. No. | Particulars | in INR crore (August 10, 2023) | in INR crore (February 22, 2023) |
|---|---|---|---|
| 1. | Loans / revolving facilities from banks / financial institutions | ||
| A. | Total loan amount outstanding | 1,206.03 | 1,500.00 |
| B. | Amount of default | 1,206.03 | 1,500.00 |
| Total Claims admitted (Including Interest and penal Interest) | 1,206.03 | 1,500.00 |
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