SITI Networks discloses loan defaults to 8 lenders totalling about Rs 1,206 crore
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SITI Networks has disclosed defaults on term loan instalments to 8 lenders including Axis Bank, ARCIL, IDBI Bank, RBL, ABFL, IndusInd Bank, Vani Agencies and ICNCL. The default relates to payments due from August 31, 2026 and continues beyond 30 days. Total claims range from about Rs 1,206 crore to Rs 1,500 crore across these lenders. The company is already under CIRP since February 2023, and a new Resolution Professional, Mr Trupal J Patel, has been appointed after the previous IRP registration was cancelled.
Continued defaults under CIRP raise serious recovery concerns for lenders. Shareholders face very high risk of dilution or total loss of equity value.