Siti Networks tells NSE of term loan default; firm in insolvency since 2023
Siti Networks said in an NSE filing it defaulted on term loan instalments on 30 September 2026, while its insolvency process, begun on 22 February 2023, continues.
Key points
- Siti Networks said in a filing with the National Stock Exchange that it defaulted on term loan instalments to lenders on 30 September 2026.
- The filing says the default continues beyond 30 days and gives no reason for it; the company has been in insolvency since 22 February 2023.
- The filing says later filings will report changes after the Supreme Court decides lenders' appeals on amounts received during the stay period.
Photo: Steven Bornholtz / Wikimedia Commons, CC BY-SA 4.0 (cropped). Representational image.
Siti Networks Limited said in a filing with the National Stock Exchange on 2 November 2026 that it has defaulted on term loan instalments owed to lenders. The filing dates the default 30 September 2026 and says it continues beyond 30 days. The company is already in a corporate insolvency resolution process that the National Company Law Tribunal (NCLT), Mumbai Bench, began on 22 February 2023. The filing does not give a reason for the default.
What Happened
The company made the disclosure under a SEBI circular dated 21 November 2019, which requires listed companies to report defaults on loans from banks. The filing names the obligation as term loan instalments and lists the lenders as ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd. and ICNCL. For the amount in default, it refers to a table of creditors' claims.
That table has two sets of figures, based on claims received as on 10 August 2023 and 22 February 2023. Their totals are Rs 1,206.03 crore and Rs 1,500 crore. The filing says any further changes after the outcome of appeals before the Supreme Court will be included in later filings.
The filing also sets out the history of the insolvency case. It says the National Company Law Appellate Tribunal (NCLAT) dismissed an appeal against the admission order on 10 August 2023, and that on 31 July 2025 the NCLAT dismissed lenders' appeals and directed the financial creditors to return amounts they had received during the stay period. Certain financial creditors have appealed to the Supreme Court, which, the filing says, has stayed that return and directed that no payments be made to operational creditors for liabilities relating to the stay period.
It adds that the NCLT Mumbai allowed an application by Vani Agencies on 27 August 2026, and that the registration of the earlier interim resolution professional was cancelled by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India by an order dated 6 August 2026. The creditors' committee then approved a new resolution professional, whose appointment the NCLT approved on 28 September 2026.
What It Means
The company's insolvency process is still under way, and the filing says the powers of its board remain suspended and are vested in the insolvency professional. The disclosure reports a missed payment; it is not a finding of wrongdoing by anyone.
The filing does not say what the default means for the lenders' recovery or for the outcome of the process. Further filings will report any changes after the Supreme Court appeals are decided.
Oquilia Data: Siti Networks Ltd. (NSE: SITINET)
| Close, 30 Oct 2026 | Rs 0.23 (0.00% on the day) |
|---|---|
| Return 1M / 3M / 6M / YTD / 1Y | −14.81% / −23.33% / −36.11% / −37.84% / −47.73% |
| Against Nifty 50, 1M / 3M / YTD | −16.73 / −18.14 / −26.06 points |
| 52-week closing high / low | Rs 0.44 (6 Nov 2025) / Rs 0.23 (30 Oct 2026) |
| Turnover, 20-session average | Rs 0.02 cr; latest volume 0.8x |
Closes adjusted for splits and bonuses; returns exclude dividends. Facts from NSE's files, not investment advice.
Source: Company filing on NSE
Sources & Citations
- Company filing on NSE — National Stock Exchange of India