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SITI Networks Limited has defaulted on term loan payments totaling ₹1,206.03 Cr, impacting multiple banks including Axis Bank and IDBI Bank. The company is currently in the Corporate Insolvency Resolution Process (CIRP), managed by an Interim Resolution Professional due to suspended board powers. Recent court rulings have upheld the CIRP status, though lenders continue to appeal. The ongoing restructuring efforts suggest financial instability as the company works to address its substantial debt.