Announced Mon, 31 Aug · 18:41 IST
SITI Networks discloses default on term loan repayments to multiple banks
SITINET · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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AI summary
SITI Networks has disclosed ongoing default on term loan installments to lenders including Axis Bank, ARCIL, ABFL, IDBI Bank, IndusInd Bank, RBL, Vani Agencies and ICNCL, with the default continuing since July 31, 2026. Total outstanding claims stand at Rs 1,206.03 crore as on August 10, 2023, against admitted claims of Rs 1,500 crore. The company is under CIRP since February 2023, with the Supreme Court currently staying certain creditor remittance orders.
Likely market impact
Reflects severe financial distress with over Rs 1,200 crore in loan defaults. Company remains under insolvency, adding uncertainty for shareholders.