Siti Networks says term-loan default continued past 30 days

SITI Networks Limited said its September 30, 2026 default on term-loan instalments had continued beyond 30 days when it made its November 2, 2026 disclosure. Siti Networks also presented lender-wise claim figures with a reported total of Rs 1,500 crore, compared with Rs 1,206.03 crore in the other column of its table.

What default did Siti Networks disclose?

Siti Networks disclosed that a default on term-loan instalments dated September 30, 2026 continued beyond 30 days. The company made the disclosure on November 2, 2026 under paragraph 3(C1) of the Securities and Exchange Board of India circular dated November 21, 2019, covering defaults on interest or principal payments on bank loans.

The lenders named in the disclosure were Asset Reconstruction Company India Limited (ARCIL), IDBI Bank, Ratnakar Bank Limited (RBL), Axis Bank, Aditya Birla Finance, IndusInd Bank, Vani Agencies Private Limited and Indian Cable Net Company Limited. Siti Networks identified the obligation as term-loan instalments, but did not provide separate instalment maturity dates, interest rates, tenure or security terms in the November 2 filing.

Siti Networks referred readers seeking the current default amount, including principal and interest, to its lender table. That table gives claim figures by lender and total borrowings, rather than separately stating the unpaid amount due on September 30, 2026. The reported Rs 1,500 crore total should therefore be treated as the table's creditor-claim figure, not as a separately quantified overdue instalment.

How much do Siti Networks' lender claims total?

Siti Networks reported total claim figures of Rs 1,206.03 crore in one table column and Rs 1,500 crore in the other. The filing stated that total outstanding borrowings from banks and financial institutions, as well as total financial indebtedness including short- and long-term debt, were as per that table.

ARCIL had the largest figure in the February 22, 2023 column at Rs 364.77 crore and also the largest figure in the August 10, 2023 column at Rs 340 crore. IndusInd Bank's figure rose from Rs 45.32 crore to Rs 163 crore between the two displayed columns, while ARCIL's figure declined from Rs 364.77 crore to Rs 340 crore.

The filing said the disclosure was made on the basis of claims received from financial creditors as on February 22, 2023 and August 10, 2023. It did not explain each lender-level change between the columns. Siti Networks said any changes or additions arising from pending Supreme Court appeals would be incorporated in subsequent filings.

Is Siti Networks still in the insolvency process?

Siti Networks said it remains in the Corporate Insolvency Resolution Process (CIRP), initiated by the National Company Law Tribunal, Mumbai Bench on February 22, 2023. The tribunal admitted the company under Section 7 of the Insolvency and Bankruptcy Code, 2016, and a public announcement on February 25, 2023 invited creditor claims by March 8, 2023.

A director appealed the February 22 admission order, and the National Company Law Appellate Tribunal (NCLAT) stayed its operation on March 7, 2023. The NCLAT dismissed that appeal on August 10, 2023, with the Interim Resolution Professional receiving the order on August 14, 2023. According to Siti Networks, that decision upheld the admission order, lifted the stay and reinstated the CIRP.

Siti Networks said board powers are currently suspended under Section 17 of the Insolvency and Bankruptcy Code and vested in the insolvency professional. Rohit Mehra's registration was cancelled under an Insolvency and Bankruptcy Board of India order dated August 6, 2026, effective September 6, 2026. The NCLT approved Trupal J. Patel as Resolution Professional on September 28, 2026, and Siti Networks received the order on October 12, 2026.

Why does the Vani Agencies claim matter to Siti Networks?

Vani Agencies Private Limited was shown with a Rs 148 crore figure in both columns of Siti Networks' lender table. The filing said the financial-creditor claim had belonged to Zee Entertainment Enterprises Limited, described as a related party, before being assigned to Vani Agencies on July 2, 2024.

The Resolution Professional verified the documents and admitted Vani Agencies' claim as financial debt, according to the filing. Vani Agencies then filed I.A. No. 4413/2024 in C.P. 690/2022, seeking to remove its classification as a related party and to be included in the Committee of Creditors with voting rights proportionate to its claim.

The NCLT, Mumbai allowed Vani Agencies' application on August 27, 2026, Siti Networks said. The November 2 disclosure does not state Vani Agencies' resulting voting-share percentage or provide the revised Committee of Creditors composition. Its Rs 148 crore table figure remained unchanged between the February 22 and August 10, 2023 claim columns.

What appeals could change Siti Networks' reported claims?

Siti Networks said an NCLT order dated October 1, 2024 fixed February 22, 2023 as the insolvency commencement date and held that the moratorium applied during the period in which the admission order was stayed. The order also said transactions and appropriations during that period should be reversed to the company's accounts, while ordinary-course expenses to keep the company operating would be protected.

On October 29, 2024, the NCLAT directed lenders to keep amounts appropriated during the stay period in a separate interest-bearing account while appeals were pending. On July 31, 2025, the NCLAT dismissed those appeals and directed financial creditors to remit the amounts back to the corporate debtor with accrued interest.

Certain financial creditors appealed the July 31, 2025 NCLAT judgment before the Supreme Court, Siti Networks said. The company said the Supreme Court has stayed the requirement for financial creditors to remit amounts received during the CIRP stay period and directed that no payments be made to operational creditors for liabilities from that period. The outcomes may lead to later revisions to the claim figures.

Conclusion

Siti Networks' November 2, 2026 filing records a term-loan instalment default that remained outstanding beyond 30 days from September 30, 2026. The same disclosure presents creditor-claim figures totalling Rs 1,500 crore, with ARCIL, Axis Bank, Aditya Birla Finance and IDBI Bank among the lenders with the largest listed amounts.

The next development is the pending Supreme Court appeals over amounts appropriated during the CIRP stay period, which Siti Networks said could change or add to creditor claims in later filings. The CIRP is also now being administered by Resolution Professional Trupal J. Patel, whose appointment received NCLT approval on September 28, 2026.