Siti Networks admits to have defaulted on bank loans
On March 1, the company informed the stock exchanges that it had defaulted on loan installments and interest payments totaling ₹1,206.03 crore
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Published: Apr 2, 2026 2:24 PM | 1 min read
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Siti Networks Limited has admitted that it has failed to repay its bank loans.
On March 1, 2026, the company informed the stock exchanges, in accordance with SEBI regulations, that it had defaulted on loan installments and interest payments totaling ₹1,206.03 crore. This default began on February 28, 2026, and continued for more than 30 days, meaning the company failed to repay the banks' money on time.
The major banks and financial institutions affected by this default include eight institutions, including Axis Bank, IDBI Bank, RBL Bank, ARCIL, and Aditya Birla Finance. Some media reports put the company's total debt at up to ₹1,500 crore.
Siti Networks has been under the Corporate Insolvency Resolution Process (CIRP), initiated by the Mumbai bench of the NCLT, since February 2023. Under this process, all powers of the company's board of directors have been suspended, and Interim Resolution Professional (IRP) Rohit Mehra is now overseeing the company's operations.
The case has been fraught with legal complications from the outset. Shilpi Asthana, a director of the company, challenged the NCLT order in the NCLAT, which temporarily halted the CIRP. However, the NCLAT dismissed the appeal in August 2023, and the CIRP was reinstated.
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