Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount for loans including revolving
facilities like cash credit from banks ....
REGULATORY
▼ Concern Flagged
HIGH RISK
📅 Filed on BSE: 31 Mar 2026, 07:07 PM IST · BSE ID: 8d9546e7-70fc-44cb-a7a1-afd2f1e11303
View Original BSE Filing (PDF)
💡
In Simple Terms
Siti Networks stopped paying back INR 1,206 Crore borrowed from eight banks starting 28 February 2026 and remains in court-supervised insolvency since February 2023.
🤖 AI Summary
- Default on INR 1,206.03 Crore principal and interest from eight banks commenced 28 February 2026
- Eight lenders: Axis Bank, ARCIL, Aditya Birla Finance, IDBI Bank, IndusBank, RBL, Van Agencies, ICNCL
- Company under active insolvency proceedings since 22 February 2023 under NCLT, Mumbai jurisdiction
- Creditors submitted total claims of INR 1,500 Crore by 1 August 2023 against company assets
- Court orders dated 1 October 2024 and 31 July 2025 directing lender account segregation during process
🔢 Key Numbers — exact figures from BSE filing, not rounded
Total default amount (principal and interest)
INR 1,206.03 Crore
Default commencement date
28 February 2026
Default duration as of filing
Beyond 30 days
Total creditor claims submitted
INR 1,500 Crore
Number of lending institutions in default
8 banks/agencies
Insolvency proceeding commencement
22 February 2023
🏢 How This Affects the Company
Company operations remain under Corporate Insolvency Resolution Process (CIRP) control. Business activities limited to asset preservation and ongoing operations necessary to protect creditor interests. Revenue generation capacity remains restricted.
Outstanding borrowings of INR 1,206.03 Crore in default across eight lenders. Total financial liabilities including long-term debt exceed INR 1,500 Crore based on creditor claims. Assets under CIRP; no dividend or capital returns possible during insolvency.
Company operations managed by appointed Interim Resolution Professional (IRP) under NCLT supervision. Transactions undertaken require CIRP approval. Ordinary course business expenses protected but discretionary spending restricted.
Insolvency proceeding creates existential risk. Assets subject to creditor claims and liquidation. No guarantee of shareholder recovery. Bankruptcy risk remains material until CIRP process concludes or rescue plan approved.
👥 What This Means For Shareholders
✅
Action Required
Monitor NCLT proceedings status through ForgeUp filings. File claims if eligible; review insolvency resolution plan when announced by authorized representative.
👤
Who Is Affected
All equity shareholders of Siti Networks Ltd. Recovery hierarchy places shareholders last after secured and unsecured creditors. Existing shareholding recovery probability remains minimal.
🔍
Management Signal
Court actions and IRP appointment indicate management control has been transferred to insolvency framework. Company prioritizes creditor claims and asset preservation over shareholder interests.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
NCLT order on pending appeals filed by IRP and lenders regarding resolution plan approval status
Financial Creditors Committee decision on restructuring or liquidation recommendation — track via NCLT judgment filings
Insolvency resolution plan announcement detailing asset liquidation or debt restructuring timeline — mandatory disclosure
HIGH RISK
Active insolvency proceeding with INR 1,206.03 Crore default across eight lenders. Shareholder recovery minimal. Company viability and continuation dependent on court decisions.
💡 Investor Takeaway
Siti Networks has defaulted on INR 1,206.03 Crore owed to eight lenders since 28 February 2026. Company is under court-supervised insolvency since February 2023 with creditor claims totalling INR 1,500 Crore. Resolution timeline uncertain; shareholder recovery prospects remain low.
⚖️ Strengths & Concerns
⚠️ Concerns
- INR 1,206.03 Crore default across eight institutional lenders indicates systemic financial distress and inability to service debt obligations.
- Insolvency proceedings active since February 2023 with creditor claims reaching INR 1,500 Crore — company resolution timeline remains uncertain and extended.