Term loan instalment default of August 31, 2026 disclosed; CIRP continues with a new Resolution Professional
Siti Networks has disclosed a default on term loan instalments dated August 31, 2026 that continues beyond 30 days.
- Nature of obligation
- term loan instalments
- Date of default
- August 31, 2026
- Default duration
- continues beyond 30 days
- Total claim amount
- 1,206.03 as on 10 August 2023 and 1,500 as on 22 February 2023 (INR crore)
- CIRP status
- company is in CIRP and the board's powers are suspended; NCLT has approved a new Resolution Professional
What has been disclosed
Siti Networks Limited has shared a disclosure of default on payment of interest or repayment of principal on loans from banks. The nature of the obligation is term loan instalments, the date of default is August 31, 2026, and the update states the default continues beyond 30 days.
The lenders named are ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Pvt. Ltd. and ICNCL.
Lender-wise claim amounts
The table in the update sets out the amount of claim submitted by each lender, in INR crore, as on 10 August 2023:
- Axis Bank: 240.85
- Asset Reconstruction Company India Limited (ARCIL): 364.77
- Aditya Birla Finance Limited (ABFL): 177.94
- IDBI Bank: 169.66
- IndusInd Bank: 45.32
- Ratnakar Bank Limited (RBL): 54.33
- Vani Agencies Pvt. Ltd. (VAPL): 148.00
- Indian Cable Net Company Limited (ICNCL): 5.16
- Total: 1,206.03
The total amount of claim as on 22 February 2023 shown in the same table is 1,500 (INR crore).
Why these claims exist: the insolvency process
NCLT Mumbai admitted Siti into the Corporate Insolvency Resolution Process on 22 February 2023 under Section 7 of the Insolvency and Bankruptcy Code, 2016, and appointed Mr. Rohit Mehra as Interim Resolution Professional. A public announcement invited creditors to submit their claims. An appeal by a director against the admission order was dismissed by NCLAT on 10 August 2023, the stay was vacated and the CIRP stood reinstated. The update states that the powers of the Board of Directors are suspended and vested in the resolution professional.
A later NCLT order held that the insolvency commencement date is 22 February 2023 and that the moratorium applied during the stay period. NCLAT dismissed the related appeals and directed financial creditors to remit back the amounts with accrued interest. The Supreme Court has stayed that remittance and directed that no payments be made to operational creditors for liabilities relating to the stay period.
Change in the Resolution Professional
The registration of Mr. Rohit Mehra was cancelled by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India, effective September 6, 2026. The Committee of Creditors approved the appointment of Mr. Trupal J. Patel as Resolution Professional, and NCLT Mumbai approved that appointment on September 28, 2026.
The Vani Agencies (ZEEL) claim
Zee Entertainment Enterprise Limited's financial creditor claim was assigned to Vani Agencies Pvt. Ltd. on July 2, 2024, and the Resolution Professional admitted it as financial debt. VAPL sought to be included in the Committee of Creditors with voting share proportionate to its claim, and NCLT allowed that application by its order dated 27 August 2026.
How to read this
The update records a default that is already in continuation and provides an update on the running insolvency process, rather than announcing a new event. The lender-wise figures and the totals show the size of the claims against the company. The update states that it is based on the claims received from financial creditors as on 10 August 2023 and 22 February 2023, and that changes following the outcome of the appeals before the Supreme Court will be incorporated in later updates.
More numbers
- Amount of claim submitted by Axis Bank as on 10 August 2023 (INR crore)240.85
- Amount of claim submitted by ARCIL as on 10 August 2023 (INR crore)364.77
- Amount of claim submitted by ABFL as on 10 August 2023 (INR crore)177.94
- Amount of claim submitted by IDBI Bank as on 10 August 2023 (INR crore)169.66
- Amount of claim submitted by IndusInd Bank as on 10 August 2023 (INR crore)45.32
- Amount of claim submitted by RBL as on 10 August 2023 (INR crore)54.33
- Amount of claim submitted by Vani Agencies Pvt. Ltd. as on 10 August 2023 (INR crore)148.00
- Amount of claim submitted by ICNCL as on 10 August 2023 (INR crore)5.16
- Total amount of claim as on 10 August 2023 (INR crore)1,206.03
- Total amount of claim as on 22 February 2023 (INR crore)1,500
- Period for which the default has continued30 days
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