Date: October 1, 2026

Default Disclosure Details

SITI Networks Limited has disclosed default on term loan installments to multiple lenders. The details are as follows:

  • Name of Listed Entity: SITI Networks Limited
  • Date of Disclosure: October 1, 2026
  • Nature of Obligation: Term loan instalments
  • Lenders: ARCIL, IDBI Bank, RBL, Axis Bank, ABFL, IndusInd Bank, Vani Agencies Private Limited*, ICNCL
  • Date of Default: August 31, 2026 (default continues beyond 30 days)
  • Current Default Amount: ₹1,149 crore (break-up: Principal ₹1,034 crore, Interest ₹115 crore)

*Note: Financial Creditor claim of Zee Entertainment Enterprise Limited (ZEEL) (related party) has been assigned to Vani Agencies Private Limited (VAPL) on July 2, 2024. The Resolution Professional admitted VAPL's claim as financial debt.

Legal Proceedings and CIRP Status

Corporate Insolvency Resolution Process (CIRP):

  • Hon'ble NCLT, Mumbai initiated CIRP of Siti Networks Limited under Section 7 of IBC on February 22, 2023
  • Mr. Rohit Mehra was appointed as Interim Resolution Professional (IRP)
  • Public Announcement in Form A was made on February 25, 2023

Resolution Professional Change:

  • Mr. Rohit Mehra's registration was cancelled by IBBI Disciplinary Committee effective September 6, 2026
  • CoC approved appointment of Mr. Trupal J. Patel (Registration No. IBBI/IPA-001/IP-POl 186/2018-2019/11907) as Resolution Professional
  • Hon'ble NCLT, Mumbai approved this appointment via order dated September 28, 2026

NCLAT Appeal:

  • Ms. Shilpi Asthana, director of Siti, filed Company Appeal (AT)(Ins)/274/2023 before NCLAT against Admission Order
  • Hon'ble NCLAT issued interim order on March 7, 2023 staying operation of Admission Order
  • Hon'ble NCLAT dismissed the appeal via order dated August 10, 2023 (NCLAT Final Order)
  • With NCLAT Final Order, Admission Order upheld, stay vacated, and CIRP reinstated with Mr. Rohit Mehra as IRP

Vani Agencies Matter:

  • VAPL filed I.A no. 4413/2024 before Hon'ble NCLT, Mumbai seeking inclusion in CoC
  • Hon'ble NCLT allowed VAPL's application via order dated August 27, 2026

Stay Period Transactions:

  • Hon'ble NCLT passed order on October 1, 2024 stating:
  • Insolvency commencement date fixed at February 22, 2023
  • CIRP activities reckoned from February 22, 2023
  • Moratorium under Section 14 applicable during Stay Period
  • Transactions during Stay Period to be reversed
  • Ordinary course business expenses to be protected
  • Hon'ble NCLAT judgment dated July 31, 2025 dismissed all appeals and directed financial creditors to remit amounts back to corporate debtor with accrued interest
  • Certain financial creditors have preferred appeals before Hon'ble Supreme Court against NCLAT judgment
  • Supreme Court has granted stay to financial creditors from remitting amounts and directed no payments to operational creditors for stay period liabilities

Current Status

  • Board powers suspended and vested in Resolution Professional pursuant to Section 17 of IBC
  • Filing based on claims received from financial creditors as of August 10, 2023 and February 22, 2023
  • Any changes from Supreme Court appeals outcome will be incorporated in subsequent filings