Siti Networks CIRP: NCLT appoints new RP in 2026

What changed at Siti Networks under CIRP

Siti Networks Ltd has reported a change in the Resolution Professional overseeing its Corporate Insolvency Resolution Process (CIRP). The company informed stock exchanges that the National Company Law Tribunal (NCLT), Mumbai Bench, appointed Mr. Trupalkumar Patel as the Resolution Professional. The appointment was made through an order dated September 28, 2026, which the company said it received on October 12, 2026. The update was published as a CIRP-related disclosure to the BSE.

This matters because the Resolution Professional leads the insolvency process and holds management control during CIRP under the Insolvency and Bankruptcy Code, 2016 (IBC). A change in this role is typically linked to process continuity, compliance, and creditor coordination. Siti Networks has also reiterated that the powers of its Board of Directors remain suspended during the process.

NCLT Mumbai order and the date sequence

Siti Networks’ exchange filing states that the NCLT’s order is dated September 28, 2026. The company said it received the order on October 12, 2026. The disclosure to the exchange is dated October 13, 2026, with the source cited as BSE.

The company also referenced that a certified copy of the NCLT order was enclosed. Separate summaries of the disclosure reiterate that the appointment is under the ongoing CIRP. The updates consistently describe the appointee as Mr. Trupalkumar Patel and provide his insolvency professional registration details.

The new Resolution Professional: name and IBBI registration

The company identified the new Resolution Professional as Mr. Trupalkumar Patel. It also provided the IP registration number: IBBI/IPA-001/IP-P01186/2018-19/11907.

In insolvency proceedings, the registration number is significant because it links the appointment to the Insolvency and Bankruptcy Board of India (IBBI) framework. Siti Networks’ disclosures focus on formal appointment details rather than outlining a revised insolvency timetable or next steps. No changes to business scope or operational activities were specified in the provided update.

Why the RP changed: IBBI action on the earlier RP

Siti Networks said the change follows regulatory action against the earlier Resolution Professional, Mr. Rohit Ramesh Mehra. According to the company’s update, the IBBI Disciplinary Committee cancelled Mr. Mehra’s registration with effect from September 6, 2026.

The company’s filings indicate that this cancellation triggered the need to appoint a replacement Resolution Professional. The disclosure also connects the appointment to decisions taken by creditors through the Committee of Creditors (CoC). The company did not provide additional detail on the IBBI disciplinary order beyond the effective cancellation date.

Committee of Creditors vote and lender approval

Siti Networks stated that the Committee of Creditors approved the appointment of the new Resolution Professional. One of the summaries of the disclosure adds that the joint lenders approved the new appointment with 72% voting.

In the CIRP framework, such approvals are a central process step because the CoC represents financial creditors and takes key decisions through voting. After CoC approval, the appointment was approved by the NCLT, Mumbai through the order dated September 28, 2026. The exchange update does not mention any vote on a resolution plan or timelines for plan submission.

CIRP status and board powers remain suspended

Siti Networks has reiterated that it remains under CIRP. The company has stated that the powers of its Board of Directors continue to be suspended. It also said that management control stays with the Resolution Professional during this period, consistent with Section 17 of the IBC.

The update frames the appointment as a leadership change within the insolvency process rather than an exit from CIRP. It also does not indicate any change to the company’s status as a listed entity on BSE (532795) and NSE (SITINET). The company continues to describe itself as a multi system operator engaged in digital cable distribution, broadband services, and allied services.

Key claims and reported creditor exposure

Siti Networks’ related disclosures cite total financial creditor claims of ₹1,206.03 crore, reported as of August 2026. The company also referenced debt claims from multiple financial creditors including Asset Reconstruction Company India Limited (ARCIL), Axis Bank, and IDBI Bank, contributing to total claims of over ₹1,200 crore.

These figures provide a sense of the scale of creditor exposure within the ongoing insolvency process. The update does not provide a breakdown by creditor or changes in claim admission. It also does not provide updated financial statements or operating performance numbers in the provided text.

Legal backdrop: ongoing proceedings and stated Supreme Court constraints

The company’s broader CIRP narrative in the provided text references legal complexity and pending directions. It states that the Supreme Court issued a stay preventing financial creditors from remitting certain amounts received during the stay period of the CIRP. It also states that payments to operational creditors for liabilities incurred during this period are prohibited.

The same set of notes also mentions that CIRP was initiated by NCLT Mumbai on February 22, 2023 under Section 7 of the IBC, and that it was upheld by an NCLAT order dated August 10, 2023. These references were presented as contextual background for the ongoing CIRP status.

What investors should track from here

From an investor and creditor perspective, the appointment mainly signals process continuity after the earlier RP’s IBBI registration cancellation. With board powers suspended, the Resolution Professional remains the key authority for running the process and coordinating with the CoC.

The market relevance of this update is tied to governance and compliance during CIRP rather than immediate operating changes. Siti Networks did not provide any stock price reaction, operational disruption note, or new timeline milestones in the provided disclosure. Any next steps would typically appear through further exchange filings on CoC meetings, claim verification, litigation updates, or progress on a resolution plan.

Snapshot table: appointment and CIRP facts

Conclusion

Siti Networks’ latest exchange filing confirms that NCLT Mumbai has appointed Mr. Trupalkumar Patel as the company’s Resolution Professional under the ongoing CIRP, following the IBBI cancellation of the earlier RP’s registration. The company has reiterated that board powers remain suspended and management control stays with the Resolution Professional during CIRP. The key dates disclosed are the NCLT order on September 28, 2026 and its receipt on October 12, 2026, with the exchange intimation dated October 13, 2026. Investors will likely look to subsequent filings for any further updates on creditor processes, legal directions mentioned in the disclosures, and the next procedural steps in the CIRP.