SITI Networks discloses default on term loan repayments to multiple banks

Loan classified NPACredit & Debt View source PDF Explain this filing

SITINET · price

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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.