Date: June 1, 2026
Default Disclosure
Nature of Obligation: Term loan instalments
Date of Default: April 30, 2026 (default continues beyond 30 days)
Lenders and Default Amounts (₹ crore):
- Axis Bank Limited: Principal ₹240.85 crore, Interest ₹298 crore
- Asset Reconstruction Company India Limited (ARCIL): Principal ₹364.77 crore, Interest ₹340 crore
- Aditya Birla Finance Limited (ABFL): Principal ₹177.94 crore, Interest ₹182 crore
- IDBI Bank Limited: Principal ₹169.66 crore, Interest ₹180 crore
- IndusInd Bank: Principal ₹45.32 crore, Interest ₹163 crore
- Ratnakar Bank Limited (RBL): Principal ₹54.33 crore, Interest ₹69 crore
- Vani Agencies Pvt. Ltd. (VAPL): Principal ₹148.00 crore, Interest ₹148 crore
- Indian Cable Net Company Limited (ICNCL): Principal ₹5.16 crore, Interest ₹5 crore
Total Default Amount: ₹1,206.03 crore (principal) + ₹1,500 crore (interest) = ₹2,706.03 crore total default
Total Outstanding Borrowings: ₹1,206.03 crore
Total Financial Indebtedness: Not specified in numerical value, reference made to table above
Corporate Insolvency Resolution Process (CIRP) Status
CIRP Initiation: Hon'ble NCLT Mumbai Bench initiated CIRP on February 22, 2023 under Section 7 of IBC
Interim Resolution Professional: Mr. Rohit Mehra appointed as IRP
Public Announcement: Made on February 25, 2023 with claims submission deadline of March 8, 2023
NCLAT Appeal: Ms. Shilpi Asthana (director) filed appeal (Company Appeal (AT)(Ins)/274/2023) before NCLAT Principal Bench, New Delhi
Stay Order: NCLAT granted interim stay on CIRP operations on March 7, 2023
NCLAT Final Order: Dismissed the appeal on August 10, 2023, upholding the Admission Order and reinstating CIRP
Board Powers: Suspended and vested in IRP pursuant to Section 17 of IBC
Legal Proceedings Update
1 October 2024 Order: NCLT ordered that:
- Insolvency commencement date is February 22, 2023
- CIRP activities should be reckoned from February 22, 2023
- Moratorium under Section 14 was applicable during Stay Period
- Transactions and appropriation during Stay Period shall be reversed
- Ordinary course business expenses to be protected
NCLAT Appeals: Lenders filed appeals against 1 October Order; RP filed limited appeal
NCLAT Interim Order (29 October 2024): Directed lenders to keep amounts appropriated during Stay Period in separate interest-bearing account
NCLAT Judgment (31 July 2025): Dismissed all appeals (CA(AT)(INS) No. 1975, 1977, 1978-1979, 2003, 2005, 2006, 2192 of 2024) and directed financial creditors to remit amounts back to corporate debtor with accrued interest
Supreme Court Status: Certain financial creditors have preferred appeals before Hon'ble Supreme Court against NCLAT judgment. Stay granted to financial creditors from remitting amounts received during stay period, and direction that no payments shall be made to operational creditors for liabilities relating to stay period.
Additional Notes
Vani Agencies Pvt. Ltd. Claim: Financial creditor claim of Zee Entertainment Enterprise Limited (ZEEL) assigned to VAPL on July 2, 2024. Resolution Professional admitted VAPL's claim as financial debt and classified it as related party under section 5(24) of IBC.
Filing Basis: Disclosure based on claims received from financial creditors as on August 10, 2023 and February 22, 2023. Subsequent changes from Supreme Court appeals will be incorporated in future filings.