Siti Networks flags loan default as lenders’ claims swell to Rs 1,500 crore

Siti Networks Ltd on Monday reported a default on repayment of its term-loan instalments and interest to multiple lenders as of October 31, 2025. The default has continued for more than 30 days, triggering mandatory disclosure under SEBI rules.

The company listed lenders including ARCIL, IDBI Bank, RBL Bank, Axis Bank, Aditya Birla Finance Ltd (ABFL), IndusInd Bank, Vani Agencies Pvt. Ltd., and Indian Cable Net Company Ltd, with total verified claims rising to Rs 1,500 crore as submitted on August 10, 2023, compared to Rs 1,206 crore earlier.

Siti Networks remains under the Corporate Insolvency Resolution Process (CIRP), originally admitted on February 22, 2023 by the National Company Law Tribunal (NCLT). Although the process was initially stayed following an appeal by a company director, the National Company Law Appellate Tribunal (NCLAT) dismissed the appeal in August 2023, reinstating the insolvency timeline.

In subsequent litigation, the NCLT and NCLAT have issued multiple orders directing reversal of transactions undertaken during the stay period and requiring lenders to deposit appropriated amounts with interest. Several financial creditors have since appealed to the Supreme Court, which has stayed the NCLAT directive and barred payments to operational creditors relating to the stay period.

Siti said the disclosure is based on claims received as of the February and August 2023 reference dates and will be updated following the outcome of the pending Supreme Court appeals.