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NCLT Appoints Trupalkumar Patel as Resolution Professional for Siti Networks
Siti Networks announced that the Hon'ble NCLT Mumbai Bench appointed Mr. Trupalkumar Patel as the Resolution Professional (RP) for the company via an order dated September 28, 2026 (received October 12, 2026). The company is undergoing Corporate Insolvency Resolution Process (CIRP) amidst acute financial stress, having reported a TTM net loss of Rs 200 Cr and a deeply negative net worth of Rs -1,369 Cr. The new RP replaces the previous interim management to oversee operations and steer the debt resolution process.
Confidence: HIGH
What changedMr. Trupalkumar Patel has been formally appointed as the Resolution Professional by NCLT Mumbai, taking over insolvency proceedings.
Why it mattersThe RP is responsible for running the company as a going concern and conducting the bidding or resolution process to settle claims against its Rs 757 Cr debt pile.
NCLT Order Date: September 28, 2026Order Receipt Date: October 12, 2026Total Debt (TTM context): Rs 757 CrNet Worth (TTM context): Rs -1369 Cr
📅 Short termThe appointment ensures continuity in CIRP management; watch for public announcements or updates regarding resolution applicant submissions.
📈 Long termEquity value remains severely impaired; existing shareholders face massive dilution or complete write-off depending on any NCLT-approved resolution plan.
⚠ Risk flags
- Severe risk of total equity dilution or capital reduction under insolvency resolution
- Potential risk of liquidation if no viable resolution plan is approved
- Extremely weak balance sheet with negative net worth of Rs -1,369 Cr
Key Highlights
NCLT Mumbai Bench issued the appointment order on September 28, 2026, which was received on October 12, 2026
Mr. Trupalkumar Patel appointed as Resolution Professional under Registration No. IBBI/IPA-001/IP-P01186/2018-19/11907
Disclosure filed under Regulation 30 of SEBI LODR Regulations on October 13, 2026
Company continues under CIRP to address debt obligations of Rs 757 Cr and negative net worth of Rs -1,369 Cr
👀 What to Watch
Track subsequent CIRP developments, particularly calls for resolution plans, Committee of Creditors (CoC) voting outcomes, or liquidation risks.
Siti Networks Reports Rs 1,206.03 Cr Default Amid Ongoing Insolvency Process
Siti Networks has disclosed an outstanding bank loan default of Rs 1,206.03 crore as of September 30, 2026, against total claims submitted of Rs 1,500.00 crore. The company remains under the Corporate Insolvency Resolution Process (CIRP) under the IBC. Additionally, Mr. Trupal J. Patel was approved as the new Resolution Professional by NCLT Mumbai on September 28, 2026, succeeding Mr. Rohit Mehra whose registration was cancelled. Multiple lender appeals regarding fund appropriations during previous stay periods remain pending before the Supreme Court.
Confidence: HIGH
What changedSiti Networks filed its quarterly SEBI default disclosure confirming Rs 1,206.03 crore in defaults and noted the appointment of a new Resolution Professional.
Why it mattersThe company's admitted debt default (Rs 1,206.03 crore) exceeds its total TTM revenue (Rs 1,135 crore) and market cap (Rs 24 crore), reflecting severe insolvency stress with negative net worth.
Total amount of default: Rs 1,206.03 croreTotal claims submitted: Rs 1,500.00 croreTotal claims admitted: Rs 1,206.03 croreDefault vs TTM Revenue: ~106%
📅 Short termOperations will continue to be managed as a going concern under the new Resolution Professional while Supreme Court proceedings on fund appropriations unfold.
📈 Long termStructural recovery hinges entirely on the approval and execution of a viable resolution plan under the CIRP process; equity value faces extreme dilution risk.
⚠ Risk flags
- Severe insolvency proceedings under CIRP with board powers suspended
- Admitted loan defaults exceed entire company revenue
- Negative net worth and persistent quarterly net losses
Key Highlights
Total loan amount outstanding and in default stands at Rs 1,206.03 crore as of September 30, 2026
Total claims submitted by financial creditors stood at Rs 1,500.00 crore, with Rs 1,206.03 crore admitted
NCLT Mumbai approved Mr. Trupal J. Patel as the new Resolution Professional on September 28, 2026, following the cancellation of Mr. Rohit Mehra's registration
Supreme Court has granted a stay to financial creditors regarding remitting amounts appropriated during the initial stay period
👀 What to Watch
Track the outcome of the financial creditors' appeal before the Hon'ble Supreme Court and the resolution plan developments under the newly appointed Resolution Professional.
Siti Networks Reports Total Debt Default of ₹1,500 Cr; New Resolution Professional Appointed
Siti Networks Limited has disclosed ongoing loan defaults continuing beyond 30 days as of August 31, 2026, with total bank and institutional debt claims amounting to ₹1,500 crore (as of August 10, 2023). This debt burden significantly dwarfs the company's current market cap of ₹24 crore and TTM revenue of ₹1,135 crore. Additionally, NCLT Mumbai approved the appointment of Mr. Trupal J. Patel as the new Resolution Professional on September 28, 2026, succeeding Mr. Rohit Mehra whose registration was canceled. Legal proceedings regarding remittances by financial creditors during the stay period remain subject to an ongoing Supreme Court stay.
Confidence: HIGH
What changedSiti Networks updated its default disclosures under SEBI norms and recorded the change in Resolution Professional following IBBI's cancellation of the previous RP's registration.
Why it mattersThe company's claims of ₹1,500 crore are over 60 times its market capitalization of ₹24 crore, underscoring severe distress and extreme dilution or liquidation risks under the Corporate Insolvency Resolution Process (CIRP).
Total Claims (as on 10 Aug 2023): 1,500 INR croreARCIL Claim: 340 INR croreAxis Bank Claim: 298 INR croreDebt Claims vs Market Cap: ~6250%
📅 Short termThe handover to the new Resolution Professional and ongoing Supreme Court hearings will dictate near-term CIRP timelines.
📈 Long termGiven the negative net worth of ₹1,369 crore and heavy defaults, existing equity faces a high risk of total write-down or heavy dilution depending on the resolution outcome.
⚠ Risk flags
- Insolvency/CIRP proceedings with negative net worth
- Replacement of RP following regulatory cancellation of registration
- Substantial ongoing debt defaults of ₹1,500 crore
Key Highlights
Total outstanding borrowing claims from banks and financial institutions stood at ₹1,500 crore as of August 10, 2023
Defaults on term loan installments across lenders (including ARCIL, IDBI Bank, Axis Bank) continued beyond 30 days as of August 31, 2026
Largest claimed amounts include ARCIL at ₹340 crore and Axis Bank at ₹298 crore
NCLT Mumbai approved Mr. Trupal J. Patel as the new Resolution Professional on September 28, 2026
Supreme Court granted stay on remittance orders regarding funds appropriated by financial creditors during CIRP stay period
👀 What to Watch
Monitor legal proceedings before the Supreme Court and subsequent resolution plans or liquidation steps under the newly appointed Resolution Professional.
Siti Networks Discloses Continued Debt Default of ₹1,500 Cr Under Ongoing CIRP
Siti Networks Limited reported continued defaults on term loan obligations as of July 31, 2026, with total creditor claims standing at ₹1,500 crore as on August 10, 2023. The company remains under the Corporate Insolvency Resolution Process (CIRP) initiated in February 2023, with the powers of the Board of Directors suspended and vested in the Resolution Professional. Key financial creditors include ARCIL (₹340 crore), Axis Bank (₹298 crore), Aditya Birla Finance (₹182 crore), and IDBI Bank (₹180 crore). Furthermore, NCLT Mumbai on August 27, 2026, directed the inclusion of Vani Agencies Pvt Ltd (claim of ₹148 crore) in the Committee of Creditors.
Confidence: HIGH
What changedSiti Networks submitted its monthly SEBI circular default disclosure, reflecting ongoing indebtedness of ₹1,500 crore and recent NCLT orders on CoC reconstitution.
Why it mattersThe company's admitted debt of ₹1,500 crore dwarfs its market cap (₹26 crore) and reflects severe solvency distress alongside negative net worth (-₹1,369 crore).
Total financial claims submitted (Aug 2023): ₹1,500 croreTotal claims vs Market Cap: ~57.7xLargest creditor claim (ARCIL): ₹340 croreSecond largest claim (Axis Bank): ₹298 croreDefault date: July 31, 2026
📅 Short termThis is a periodic compliance filing reiterating insolvency status; trading sentiment remains constrained by ongoing CIRP litigation.
📈 Long termStructural recovery hinges entirely on the resolution plan approved under the IBC, which carries substantial risk of full equity dilution.
⚠ Risk flags
- Ongoing Corporate Insolvency Resolution Process (CIRP)
- Severely negative net worth and operating losses
- Substantial equity dilution risk under IBC resolution
Key Highlights
Total financial claims submitted by lenders stand at ₹1,500 crore (as on August 10, 2023) across 8 institutional lenders.
Major debt holders include ARCIL (₹340 crore), Axis Bank (₹298 crore), ABFL (₹182 crore), and IDBI Bank (₹180 crore).
Default date is marked as July 31, 2026, continuing beyond the 30-day reporting threshold.
NCLT Mumbai order dated August 27, 2026, allowed Vani Agencies Pvt Ltd (assigned ₹148 crore claim from ZEEL) entry into the Committee of Creditors with proportionate voting rights.
👀 What to Watch
Track the ongoing CIRP proceedings before NCLT/Supreme Court and monitor for any submission or approval of a resolution plan.
₹1,500 Cr Indebtedness: Siti Networks Reports Continued Default on Bank Loans
Siti Networks Limited has reported a continuing default on its term loan installments as of June 30, 2026. The total financial indebtedness, based on claims submitted during the ongoing Corporate Insolvency Resolution Process (CIRP), stands at ₹1,500 crore. This debt is approximately 53 times the company's current market capitalization of ₹28 crore. The company remains under the management of a Resolution Professional with a deeply negative net worth of -₹1,369 crore, and the matter is currently pending before the Supreme Court regarding fund remittances.
Confidence: HIGH
What changedThe company has updated its mandatory disclosure regarding loan defaults, confirming that it remains unable to service its ₹1,500 crore debt obligations while under insolvency proceedings.
Why it mattersThe disclosure underscores the company's severe financial distress, where total debt is over 50x its market value, making any recovery for retail shareholders highly dependent on a successful and favorable resolution plan.
Total Indebtedness: ₹1,500 crDebt vs Market Cap: 5357%Net Worth: ₹-1,369 crDefault Date: June 30, 2026Largest Single Claim (ARCIL): ₹340 cr
📅 Short termThe stock is likely to remain highly volatile and speculative as a penny stock (₹0.3) while legal battles continue in the Supreme Court.
📈 Long termThe long-term survival of the entity depends entirely on the CIRP outcome; structural shifts to OTT and high competition make a turnaround difficult even if debt is restructured.
⚠ Risk flags
- Ongoing Corporate Insolvency Resolution Process (CIRP)
- Deeply negative net worth of -₹1,369 crore
- Extreme debt-to-equity and debt-to-market-cap ratios
- Legal uncertainty with pending Supreme Court appeals
Key Highlights
Total financial indebtedness reported at ₹1,500 crore as of August 10, 2023, across 8 major lenders.
Default on term loan installments occurred on June 30, 2026, and has persisted beyond the 30-day disclosure threshold.
Major creditors include ARCIL (₹340 crore), Axis Bank (₹298 crore), and Aditya Birla Finance (₹182 crore).
Company is currently under CIRP as per NCLT order dated February 22, 2023, with a negative net worth of -₹1,369 crore.
Supreme Court has granted a stay to financial creditors regarding the remittance of amounts received during the CIRP stay period.
👀 What to Watch
Investors should closely monitor the Supreme Court's final judgment on fund remittances and the Resolution Professional's progress in the CIRP process, as equity value is at extreme risk of total wipeout.
₹1,206.03 Cr Default: Siti Networks Reports Total Indebtedness Under Ongoing CIRP
Siti Networks Limited has reported a total financial indebtedness and default of ₹1,206.03 crore as of June 30, 2026. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) which was initiated on February 22, 2023. Legal proceedings are ongoing, with the Supreme Court recently staying an NCLAT order that required lenders to remit funds back to the company. With a negative net worth of ₹1,369 crore and TTM losses of ₹200 crore, the company's status as a 'going concern' remains highly dependent on the insolvency outcome.
Confidence: HIGH
What changedThis filing provides the mandatory quarterly update on debt defaults and summarizes the latest legal status of the CIRP, specifically the Supreme Court's intervention regarding fund recovery from lenders.
Why it mattersThe default confirms the company's total inability to service its debt, while the ongoing CIRP indicates that the existing equity is at extreme risk of being wiped out or heavily diluted depending on the resolution plan.
Total Default Amount: ₹1,206.03 crDefault vs TTM Revenue: 106.2%Net Worth: ₹ -1,369 crTTM Net Profit: ₹ -200 crInsolvency Commencement Date: 22nd February 2023
📅 Short termThe stock is likely to remain highly volatile or face trading restrictions given the 100% default status and the legal deadlock in the Supreme Court regarding cash flows.
📈 Long termThe long-term outlook is entirely dependent on the CIRP outcome. Given the massive negative net worth, a successful turnaround that preserves retail shareholder value is statistically unlikely.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP)
- 100% default on bank facilities
- Negative Net Worth
- Legal uncertainty with Supreme Court stay
- Significant TTM losses
Key Highlights
Total outstanding loan amount and default stands at ₹1,206.03 crore as of June 30, 2026.
Default amount represents approximately 106% of the company's TTM revenue of ₹1,135 crore.
CIRP remains active following the NCLAT's dismissal of appeals against the insolvency admission on August 10, 2023.
Supreme Court has granted a stay on the remittance of funds by financial creditors that were appropriated during the previous stay period.
Company is currently managed by Resolution Professional Rohit Mehra with board powers suspended.
👀 What to Watch
Investors should closely monitor the Supreme Court's final verdict on fund remittance and the Resolution Professional's progress in inviting and finalizing a resolution plan for the company.
₹1,206 Cr Default: Siti Networks Reports Continued Loan Payment Failures Under CIRP
Siti Networks Limited has reported a continuing default on its term loan obligations as of May 31, 2026. The total financial indebtedness stands at ₹1,206.03 crore, which exceeds the company's TTM revenue of ₹1,135 crore. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) with its board suspended and operations managed by a Resolution Professional. Legal proceedings are currently active in the Supreme Court regarding the remittance of funds by lenders during previous stay periods.
Confidence: HIGH
What changedThe company has filed a formal disclosure of its ongoing loan defaults as of May 2026, complying with SEBI's mandatory reporting for defaults exceeding 30 days.
Why it mattersThis filing quantifies the company's massive debt burden (106% of TTM revenue) and confirms its continued inability to service obligations, which is critical for stakeholders during the insolvency process.
Total Indebtedness: ₹1,206.03 crIndebtedness vs TTM Revenue: 106.2%ARCIL Claim: ₹364.77 crAxis Bank Claim: ₹240.85 crDefault Date: May 31, 2026
📅 Short termThe stock remains under significant pressure due to the ongoing insolvency and the formalization of these defaults; legal updates from the Supreme Court will be the primary driver.
📈 Long termThe company's long-term survival is entirely dependent on the CIRP outcome. Existing equity holders face a high risk of total loss or extreme dilution depending on the resolution plan.
⚠ Risk flags
- Insolvency (CIRP)
- Negative Net Worth
- Legal disputes in Supreme Court
- High debt-to-revenue ratio
- Related-party debt concentration
Key Highlights
Total financial indebtedness reported at ₹1,206.03 crore as per claims submitted by August 10, 2023.
Default on term loan installments occurred on May 31, 2026, and has persisted for over 30 days.
Major lender claims include ARCIL at ₹364.77 crore and Axis Bank at ₹240.85 crore.
Vani Agencies Pvt. Ltd. (a related party) holds an admitted financial debt claim of ₹148.00 crore.
The company reports a negative net worth of ₹1,369 crore, highlighting severe capital erosion.
👀 What to Watch
Investors should monitor the Supreme Court's final judgment regarding the remittance of funds by lenders and the progress of the Resolution Professional in the CIRP process.
Siti Networks Reports ₹1,206 Crore Default; Remains Under Insolvency Resolution
Siti Networks Limited has disclosed a continued default on its term loan obligations, with total financial indebtedness reaching approximately ₹1,206.03 crore as of August 2023. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP), and its Board of Directors remains suspended. Major creditors include ARCIL (₹364.77 crore) and Axis Bank (₹240.85 crore). Legal proceedings are ongoing in the Supreme Court regarding the treatment of funds appropriated by lenders during previous stay periods of the insolvency process.
Key Highlights
Total financial indebtedness and claims admitted stand at ₹1,206.03 crore across eight major lenders.
Largest individual claims are held by ARCIL at ₹364.77 crore and Axis Bank at ₹240.85 crore.
The company has been under CIRP since February 22, 2023, following NCLT and NCLAT orders.
The Supreme Court has currently stayed a lower court order that required financial creditors to remit certain funds back to the company.
Powers of the Board of Directors remain suspended and are vested in the Resolution Professional, Mr. Rohit Mehra.
👀 What to Watch
Investors should be extremely cautious as the company is in active insolvency proceedings, which often leads to significant equity dilution or total loss for retail shareholders. Monitor the Supreme Court's final judgment and the progress of the resolution plan for any recovery prospects.
SITI Networks Confirms Non-Large Corporate Status; Reports ₹1,206 Cr Borrowings
SITI Networks Limited has filed a regulatory undertaking confirming it does not meet the SEBI criteria for a 'Large Corporate'. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP), with its Board of Directors suspended and management controlled by a Resolution Professional. Outstanding borrowings based on claims submitted as of August 10, 2023, are reported at ₹1,206.03 crore. Legal proceedings continue in the Supreme Court regarding the treatment of funds and creditor payments during the insolvency stay period.
Key Highlights
Confirmed non-applicability of Large Corporate framework as per SEBI circular criteria.
Outstanding borrowings reported at ₹1,206.03 crore as of August 10, 2023, based on creditor claims.
Company remains under Corporate Insolvency Resolution Process (CIRP) with the Board of Directors suspended.
Supreme Court has granted a stay on financial creditors remitting amounts received during the CIRP stay period.
Insolvency commencement date is fixed at February 22, 2023, following NCLT and NCLAT rulings.
👀 What to Watch
Investors should remain extremely cautious as the company is in insolvency proceedings and the Board is suspended. Monitor the Supreme Court's final decision on fund remittances and the progress of the resolution plan which will determine any residual value for shareholders.
Siti Networks Defaults on Loans Worth ₹1,500 Crore; CIRP Process Continues
Siti Networks Limited has reported a continued default on term loan installments as of March 31, 2026. The total claims submitted by financial creditors have reached ₹1,500 crore, involving major lenders like ARCIL (₹340 crore), Axis Bank (₹298 crore), and IDBI Bank (₹180 crore). The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP), and the powers of the Board of Directors remain suspended. Legal battles continue in the Supreme Court regarding the remittance of funds appropriated by lenders during previous stay periods.
Key Highlights
Total financial indebtedness based on claims submitted stands at ₹1,500 crore as of August 10, 2023.
Major creditors include ARCIL (₹340 cr), Axis Bank (₹298 cr), ABFL (₹182 cr), and IDBI Bank (₹180 cr).
Company is under CIRP since February 22, 2023, with Rohit Mehra acting as the Resolution Professional.
Supreme Court has currently granted a stay to financial creditors from remitting amounts received during the CIRP stay period.
A related party claim from ZEEL, assigned to Vani Agencies Pvt Ltd for ₹148 crore, has been admitted as financial debt.
👀 What to Watch
Investors should be extremely cautious as the company is in insolvency proceedings, which often leads to significant equity dilution or total loss for shareholders. Monitor the Supreme Court's final ruling and the progress of the resolution plan.
Siti Networks Reports Default of ₹1,206.03 Cr to ₹1,500 Cr Amid Ongoing Insolvency
Siti Networks Limited has disclosed a total financial indebtedness and default ranging between ₹1,206.03 crore and ₹1,500 crore as of March 31, 2026. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) following an NCLT order originally dated February 22, 2023. Recent legal rulings from the NCLAT have upheld the insolvency commencement and directed lenders to return funds appropriated during previous stay periods. As the company is under CIRP, the powers of the Board of Directors remain suspended and are vested in the Resolution Professional.
Key Highlights
Total financial indebtedness and default amount reported between ₹1,206.03 crore and ₹1,500 crore.
Company is under Corporate Insolvency Resolution Process (CIRP) with the board currently suspended.
NCLAT dismissed lender appeals on July 31, 2025, ordering them to remit appropriated funds back to the company.
Insolvency commencement date is fixed at February 22, 2023, following multiple legal challenges.
The current filing is based on claims submitted by financial creditors as of August 2023 and February 2023.
👀 What to Watch
Investors should exercise extreme caution as the company is in a formal insolvency process, which often results in significant equity write-downs or delisting. The high level of default relative to the company's scale suggests minimal recovery prospects for equity shareholders.
Siti Networks Reports Default on Loans Totaling ₹1,500 Crore Amid Ongoing Insolvency Process
Siti Networks Limited has disclosed a continued default on its term loan obligations as of February 28, 2026, with total claims from financial creditors reaching ₹1,500 crore. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP), which originally commenced on February 22, 2023. Major lenders involved include ARCIL (₹340 crore), Axis Bank (₹298 crore), and Aditya Birla Finance (₹182 crore). The situation is further complicated by ongoing litigation in the Supreme Court regarding the appropriation of funds by lenders during previous stay periods of the insolvency process.
Key Highlights
Total financial indebtedness based on claims submitted as of August 10, 2023, stands at ₹1,500 crore.
Major creditor exposures include ARCIL at ₹340 crore and Axis Bank at ₹298 crore.
The default on interest and principal repayment occurred on February 28, 2026, and has exceeded the 30-day disclosure threshold.
The company remains under the Corporate Insolvency Resolution Process (CIRP) as mandated by the NCLT.
Legal proceedings are currently pending in the Supreme Court regarding the remittance of amounts by financial creditors back to the corporate debtor.
👀 What to Watch
Investors should be extremely cautious as the company is in a formal insolvency process, which often leads to significant equity erosion or delisting. Existing shareholders should monitor Supreme Court developments and the resolution professional's progress in the CIRP.
Siti Networks Reports Default on Loans Totaling ₹1,500 Crore Amid Ongoing Insolvency
Siti Networks Limited has disclosed a continued default on term loan installments as of January 31, 2026, with total financial indebtedness reaching approximately ₹1,500 crore based on creditor claims. The company remains under the Corporate Insolvency Resolution Process (CIRP), and the powers of its Board of Directors are currently suspended. Legal proceedings are ongoing in the Supreme Court regarding the treatment of funds appropriated by lenders during previous stay periods. The company's financial stability remains critical as it navigates multiple litigations and the debt resolution process.
Key Highlights
Total financial indebtedness based on claims submitted as of August 10, 2023, stands at ₹1,500 crore.
Major creditors include ARCIL (₹340 crore), Axis Bank (₹298 crore), and Aditya Birla Finance (₹182 crore).
The default on term loan installments occurred on January 31, 2026, and has continued beyond the 30-day grace period.
The company is currently under CIRP with a court-appointed Resolution Professional managing operations.
The Supreme Court has granted a stay on the remittance of certain funds by financial creditors pending further appeals.
👀 What to Watch
Investors should be extremely cautious as the company is in insolvency proceedings, which often leads to substantial equity erosion or delisting. Avoid fresh positions until there is clarity on the final resolution plan and Supreme Court rulings.
Siti Networks Files FY25 Financials Without AGM Amid Ongoing Insolvency Process
Siti Networks Limited has submitted its audited standalone and consolidated financial statements for FY 2024-25 without holding an Annual General Meeting (AGM). The Resolution Professional (RP) cited technical and legal hurdles, including the ROC's stance that the IBC does not explicitly require RPs to conduct AGMs as shareholders are treated as creditors under the waterfall mechanism. The company remains under the Corporate Insolvency Resolution Process (CIRP) following a 2023 NCLT order regarding a default of ₹148.83 crore to IndusInd Bank. This procedural filing highlights the continued suspension of normal corporate governance and board powers.
Key Highlights
Audited financial results for FY ended March 31, 2025, filed without convening a mandatory AGM.
Company has been under CIRP since February 22, 2023, due to a ₹148.83 crore default to IndusInd Bank.
ROC rejected initial extension requests, stating IBC lacks explicit provisions for RPs to call shareholder meetings.
Management powers remain vested in Resolution Professional Rohit Mehra, with the Board of Directors suspended.
The company continues to operate as a going concern under the supervision of the Committee of Creditors (CoC).
👀 What to Watch
Investors should remain extremely cautious as the company is in deep financial distress and shareholder rights are effectively secondary to creditor claims under CIRP. The inability to hold an AGM further limits transparency and shareholder participation in the company's future.
Siti Networks Files FY25 Financials Without AGM Due to Ongoing CIRP and Regulatory Hurdles
Siti Networks Limited has submitted its audited standalone and consolidated financial statements for the fiscal year ended March 31, 2025, without conducting an Annual General Meeting (AGM). The company, which has been under the Corporate Insolvency Resolution Process (CIRP) since February 2023, cited technical constraints on the MCA portal and conflicting interpretations by the ROC regarding the RP's authority to call shareholder meetings. The filing follows a default involving a financial debt of approximately Rs. 148.83 crore to IndusInd Bank. The Resolution Professional continues to manage the company as a going concern while navigating these compliance challenges.
Key Highlights
Submitted FY25 Audited Financial Results without holding an AGM as per Section 137(2) of the Companies Act.
Company remains under CIRP following an NCLT Mumbai order dated February 22, 2023, initiated by IndusInd Bank.
Total unresolved financial debt involved in the initial insolvency petition was Rs. 148.83 crore.
ROC initially rejected AGM extension, stating that under IBC waterfall mechanisms, shareholders effectively become creditors.
Resolution Professional Rohit Mehra is managing affairs and property while attempting to maintain statutory compliance.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency; the filing of financials is a procedural requirement but does not mitigate the high risk of equity dilution or loss. Monitor NCLT proceedings for any updates on the resolution plan which will determine the company's future.
Siti Networks Reports Loan Default of INR 1,500 Crore Amid Ongoing Insolvency Process
Siti Networks Limited has disclosed a continued default on term loan installments to various banks and financial institutions, with total claims reaching INR 1,500 crore as of August 2023. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) which was initiated in February 2023. Legal battles continue across the NCLT, NCLAT, and the Supreme Court regarding the appropriation of funds by lenders during stay periods. The current filing reflects the status of claims and the ongoing legal stay granted by the Supreme Court.
Key Highlights
Total financial indebtedness and claims from creditors stand at INR 1,500 crore as of August 10, 2023.
Major creditors include ARCIL (INR 340 crore), Axis Bank (INR 298 crore), and Aditya Birla Finance (INR 182 crore).
The company remains under Corporate Insolvency Resolution Process (CIRP) since February 22, 2023.
The Supreme Court has granted a stay on the NCLAT order that directed lenders to remit appropriated funds back to the company.
Default on payments due November 30, 2025, has officially exceeded the 30-day disclosure threshold.
👀 What to Watch
Equity investors should remain extremely cautious as the company is in active insolvency proceedings, which often leads to significant loss of value for minority shareholders. Monitor the Supreme Court's final verdict on the CIRP stay period and the eventual resolution plan approval.
Siti Networks Reports Default on Loans Totaling INR 1,500 Crore Amid Ongoing CIRP
Siti Networks Limited has disclosed a continued default on term loan installments to multiple banks and financial institutions. Total claims submitted by financial creditors have risen to INR 1,500 crore as of August 10, 2023, compared to INR 1,206.03 crore in February 2023. The company is currently under the Corporate Insolvency Resolution Process (CIRP) following an NCLT order. Legal battles continue in the Supreme Court regarding the remittance of funds appropriated by lenders during previous stay periods.
Key Highlights
Total financial indebtedness and claims from banks stand at INR 1,500 crore as of August 2023.
Major creditors include ARCIL (INR 340 crore), Axis Bank (INR 298 crore), and Aditya Birla Finance (INR 182 crore).
Company remains under Corporate Insolvency Resolution Process (CIRP) effective from February 22, 2023.
Supreme Court has granted a stay on the remittance of amounts received by financial creditors during the CIRP stay period.
Vani Agencies Pvt. Ltd. (a related party) holds an admitted claim of INR 148 crore assigned from ZEEL.
👀 What to Watch
Investors should be extremely cautious as the company is in insolvency proceedings, which often leads to substantial equity erosion. Monitor the Supreme Court's final verdict and the progress of the resolution professional in finding a buyer.
Siti Networks Delays Financial Results Submission for Sep 30, 2025
Siti Networks Limited has announced a delay in submitting its financial results for the period ended September 30, 2025, due to the ongoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an order from the NCLT on February 22, 2023. The company cites complexities in aligning financial statements with CIRP proceedings, resignation of key finance and audit team members, and delays in receiving financial statements from its 23 subsidiaries as reasons for the delay. The company anticipates submitting the report by January 31, 2026.
Key Highlights
CIRP initiated by NCLT order dated February 22, 2023
Company has 23 subsidiaries
Anticipate submitting the report by January 31, 2026
👀 What to Watch
Investors should monitor the progress of the CIRP and the timely submission of the financial results by January 31, 2026. Any further delays or adverse developments in the CIRP could negatively impact the company's valuation.
Siti Networks discloses default on loan interest/principal repayment to banks
Siti Networks Limited has disclosed defaults on loan repayments and interest payments to various banks, including ARCIL, IDBI Bank, RBL, and Axis Bank. The defaults pertain to term loan installments with a default date of October 31, 2025. The total outstanding borrowings from banks/financial institutions are as per claim submitted which aggregates to ₹1,500 crore as of August 10, 2023. The company is undergoing Corporate Insolvency Resolution Process (CIRP) initiated on February 22, 2023.
Key Highlights
Default on term loan installments to lenders including Axis Bank, ARCIL, and IDBI Bank as of October 31, 2025.
Total claim submitted by lenders amounts to ₹1,500 crore as of August 10, 2023.
Axis Bank's claim submitted is ₹298 crore as of August 10, 2023.
ARCIL's claim submitted is ₹340 crore as of August 10, 2023.
Aditya Birla Finance Limited (ABFL) claim submitted is ₹182 crore as of August 10, 2023.
👀 What to Watch
Investors should closely monitor the CIRP proceedings and the outcome of appeals before the Supreme Court, as these will significantly impact the company's financial restructuring and future prospects. Exercise caution given the ongoing defaults and insolvency proceedings.
