Siti Networks discloses loan defaults of about Rs 1,206 crore to 8 lenders
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Siti Networks has disclosed ongoing defaults on term loan instalments to 8 lenders including Axis Bank, ARCIL, IDBI Bank, IndusInd, RBL, ABFL, Vani Agencies and ICNCL. Total claim stands at about Rs 1,206 crore (per Aug 2023 figures) or Rs 1,500 crore (per Feb 2023 figures). Default date is May 31, 2026 and continues beyond 30 days. The company has been under Corporate Insolvency Resolution Process since Feb 2023, with Board powers suspended and vested in the Resolution Professional. Supreme Court appeals by financial creditors are pending.
Under CIRP since Feb 2023 with Board suspended. Defaults confirm severe financial distress; equity holders face high risk of dilution or wipeout in resolution.