Siti Networks Limited has disclosed a substantial default on loan payments totaling ₹1,206.03 crore across eight financial institutions, as reported in its regulatory filing dated March 2, 2026. The disclosure was made in compliance with SEBI Circular requirements regarding defaults on payment of interest and principal amounts on loans from banks.

Default Details and Affected Lenders

The company reported defaults on term loan installments with a default date of January 31, 2026, continuing beyond the 30-day threshold. The default affects multiple prominent financial institutions and asset reconstruction companies.

Corporate Insolvency Resolution Process Status

SITI Networks has been under Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, following an order by the National Company Law Tribunal (NCLT) Mumbai Bench. The NCLT appointed Mr. Rohit Mehra as the Interim Resolution Professional, with the powers of the Board of Directors currently suspended and vested in the IRP under Section 17 of the Insolvency and Bankruptcy Code.

The company faced legal challenges when Ms. Shilpi Asthana, director of SITI Networks, filed an appeal before the National Company Law Appellate Tribunal (NCLAT) against the admission order. However, the NCLAT dismissed the appeal on August 10, 2023, upholding the original CIRP initiation.

Recent Legal Developments

Significant legal proceedings have shaped the company's current situation:

NCLT Order of October 1, 2024

The NCLT passed a comprehensive order establishing key parameters for the insolvency process:

• Fixed insolvency commencement date as February 22, 2023
• Confirmed CIRP activities should be reckoned from February 22, 2023
• Applied moratorium under Section 14 during the stay period
• Directed reversal of transactions undertaken during the stay period
• Protected expenses incurred in ordinary business course

NCLAT Judgment of July 31, 2025

The NCLAT delivered a significant judgment dismissing multiple appeals filed by lenders and directing financial creditors to remit appropriated amounts back to the corporate debtor along with accrued interest.

Supreme Court Appeals

Certain financial creditors have preferred appeals before the Supreme Court against the NCLAT judgment dated July 31, 2025. The Supreme Court has currently granted a stay to financial creditors from remitting amounts received during the CIRP stay period and directed that no payments shall be made to operational creditors for liabilities relating to the stay period.

Financial Creditor Claims Assignment

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

Regulatory Compliance

The disclosure was filed by Company Secretary and Compliance Officer Suresh Kumar (Membership No. ACS 14390) in accordance with Para 3(C1) of SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/2019/140 dated November 21, 2019. The company noted that any further changes or additions pursuant to the outcome of Supreme Court appeals will be incorporated in subsequent filings.

Siti Networks Limited , a player in the Indian cable TV and broadband services sector, has disclosed defaults on term loan instalments to multiple lenders in its latest SEBI compliance filing dated December 31, 2025. The company reported total outstanding claims of ₹1,500 crores as it continues to navigate through Corporate Insolvency Resolution Process (CIRP).

Default Disclosure Details

In compliance with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/2019/140, Siti Networks reported defaults on term loan instalments with a default date of November 30, 2025. The defaults continue beyond the 30-day threshold, triggering mandatory disclosure requirements.

Lender-wise Outstanding Claims

The company's financial obligations are distributed across multiple lenders, with claims varying significantly between the initial CIRP filing and subsequent assessments:

Ongoing Insolvency Proceedings

The Corporate Insolvency Resolution Process was initiated by the National Company Law Tribunal (NCLT) Mumbai Bench on February 22, 2023, with Mr. Rohit Mehra appointed as the Interim Resolution Professional. The process has been marked by extensive legal challenges and appeals.

Key Legal Developments

• NCLAT Appeal: Ms. Shilpi Asthana, director of Siti Networks, filed an appeal against the admission order, which was initially stayed but later dismissed on August 10, 2023
• Supreme Court Proceedings: Multiple appeals are currently pending before the Supreme Court regarding financial creditor claims and payment obligations
• Stay Orders: The Supreme Court has granted stay to financial creditors from remitting amounts received during the CIRP stay period

Related Party Transactions

A significant development involves Zee Entertainment Enterprise Limited (ZEEL), whose financial creditor claim has been assigned to Vani Agencies Private Limited (VAPL) on July 2, 2024. The Resolution Professional has admitted VAPL's claim as financial debt and classified it as a related party transaction under the Insolvency and Bankruptcy Code, 2016.

Current Status and Implications

The substantial outstanding claims and ongoing legal complexities continue to pose significant challenges for Siti Networks. The company's operational capabilities remain under stress as multiple stakeholders await resolution of the insolvency proceedings. The Supreme Court's directions regarding payment restrictions to operational creditors during the CIRP stay period add another layer of complexity to the resolution process.