Siti Networks Limited defaulted on term loan instalments amounting to ₹1,206.03 crore as of April 30, 2026. The default, which continues beyond 30 days, was disclosed to the exchanges in compliance with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/2019/140 dated November 21, 2019. The company is currently under the Corporate Insolvency Resolution Process (CIRP), and the powers of its Board of Directors stand suspended.

The default affects a consortium of lenders, including Axis Bank, Asset Reconstruction Company India Limited (ARCIL), Aditya Birla Finance Limited (ABFL), IDBI Bank, IndusInd Bank, Ratnakar Bank Limited (RBL), Vani Agencies Pvt. Ltd., and Indian Cable Net Company Limited (ICNCL). The total outstanding borrowings from these financial institutions stand at ₹1,206.03 crore as per the claims submitted on August 10, 2023.

Details of Obligations

The following table outlines the claims submitted by the financial creditors:

*The claim of Zee Entertainment Enterprise Limited (ZEEL), a related party, was assigned to Vani Agencies Private Limited (VAPL) on July 2, 2024.

Insolvency Proceedings

The National Company Law Tribunal (NCLT), Mumbai Bench, initiated the CIRP for Siti Networks on February 22, 2023. Mr. Rohit Mehra was appointed as the Interim Resolution Professional (IRP). The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal against the admission order on August 10, 2023, reinstating the CIRP.

Subsequent legal orders dated October 1, 2024, and July 31, 2025, by the NCLT and NCLAT respectively, directed financial creditors to remit amounts appropriated during the stay period back to the corporate debtor. However, the Supreme Court has currently granted a stay on these remittances pending further appeals.

SITI Networks Limited has reported significant defaults on loan repayments totaling ₹1,206.03 crore to multiple financial institutions as of March 31, 2026. The disclosure was made on April 30, 2026, in compliance with SEBI Circular SEBI/HO/CFD/CMD1/CIR/2019/140 regarding mandatory reporting of payment defaults on loans from banks and financial institutions.

Default Details and Lender Breakdown

The company's defaults span across eight major lenders, with the largest exposure being to Asset Reconstruction Company India Limited (ARCIL). The comprehensive breakdown reveals the extent of the company's financial distress:

The defaults relate to term loan installments that became due on March 31, 2026, and have continued beyond the 30-day grace period, triggering the mandatory disclosure requirements under SEBI regulations.

Corporate Insolvency Resolution Process

SITI Networks has been undergoing Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, when the National Company Law Tribunal (NCLT) Mumbai initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Rohit Mehra was appointed as the Interim Resolution Professional, with the company's Board of Directors' powers currently suspended under Section 17 of the IBC.

The insolvency proceedings faced initial challenges when Ms. Shilpi Asthana, a director of SITI Networks, filed an appeal before the National Company Law Appellate Tribunal (NCLAT). However, the NCLAT dismissed the appeal on August 10, 2023, upholding the original admission order and reinstating the CIRP.

Legal Developments and Supreme Court Proceedings

Significant legal developments occurred with the NCLT passing a crucial order on October 1, 2024, establishing February 22, 2023, as the insolvency commencement date. The tribunal ruled that moratorium provisions under Section 14 of the Code were applicable during the stay period and directed that transactions undertaken during this period should revert to the corporate debtor's accounts.

The NCLAT subsequently dismissed all appeals from financial creditors on July 31, 2025, directing them to remit appropriated amounts back to the corporate debtor with accrued interest. However, certain financial creditors have approached the Supreme Court, which has currently granted a stay preventing creditors from remitting amounts received during the CIRP stay period.

Related Party Transactions and Current Status

A notable aspect involves Vani Agencies Private Limited (VAPL), which acquired the financial creditor claim of Zee Entertainment Enterprise Limited (ZEEL) on July 2, 2024. The Resolution Professional admitted VAPL's claim as financial debt after verification, classifying it as a related party under Section 5(24) of the Insolvency and Bankruptcy Code, 2016.

The disclosure filing is based on claims received from financial creditors as of August 10, 2023, and February 22, 2023. The company has indicated that any further changes or additions resulting from the ongoing Supreme Court appeals will be incorporated in subsequent regulatory filings, ensuring continued compliance with SEBI disclosure requirements throughout the resolution process.