Siti Networks Limited — Others, 01-08-2025: Corporate Insolvency Resolution Process

The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals from SITI Networks' financial creditors, ordering banks (including Axis Bank) to return over 143 Cr. These funds were withdrawn during an interim stay on the company's insolvency process. The NCLAT clarified that the insolvency moratorium remained active, and the original insolvency commencement date stands. This ruling ensures that the withdrawn funds, along with accrued interest as per a prior order, are remitted back to SITI Networks, providing clarity and crucial asset preservation for its ongoing resolution process.