Siti Networks Limited has informed the Exchange about Corporate Insolvency Resolution Process
SITINET · price
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Siti Networks is in CIRP, admitted by NCLT Mumbai on February 22, 2023, over a default of about Rs. 148.83 crore to IndusInd Bank. During a brief stay period (March–August 2023), Axis Bank and other financial lenders (Aditya Birla Capital, IDBI Bank, IndusInd Bank, RBL Bank) withdrew roughly Rs. 143 crore from Siti's accounts. NCLT Mumbai on October 1, 2024 ordered these lenders to refund the money, and on July 31, 2025, the NCLAT dismissed all the lenders' appeals, directing them to return the withdrawn amounts to the company along with accrued interest. The Insolvency Commencement Date remains February 22, 2023, and the moratorium is deemed to have been in effect throughout. The Resolution Professional's CIRP process continues.
The lenders must return about Rs. 143 crore (plus interest) into Siti Networks' CIRP account, which helps preserve the company as a going concern for resolution. This is a meaningful positive for the insolvency estate and creditors' recovery, but the company remains under CIRP with no approved resolution plan yet, keeping significant uncertainty for shareholders.