Siti Networks appoints new RP amid ₹1,206 cr claims

Key development in Siti Networks’ insolvency case

Siti Networks Limited has confirmed the appointment of Mr. Trupal J. Patel as its new Resolution Professional, marking a leadership change in the company’s ongoing Corporate Insolvency Resolution Process (CIRP). The appointment follows an order passed by the National Company Law Tribunal (NCLT), Mumbai, dated September 28, 2026. Siti Networks remains under CIRP, and the company has reiterated that the powers of its Board of Directors continue to be suspended. Under the Insolvency and Bankruptcy Code, 2016 (IBC), management control stays with the Resolution Professional during this period. The update matters for investors and creditors because it affects who runs day-to-day affairs and how the restructuring process is administered.

What the company disclosed about the new Resolution Professional

According to the company’s update, the Committee of Creditors (CoC) approved the appointment of Mr. Trupal J. Patel as the Resolution Professional. The NCLT, Mumbai subsequently approved this appointment through its September 28, 2026 order. Siti Networks also provided Mr. Patel’s registration details as part of the disclosure: IBBI/IPA-001/IP-POl 186/2018-2019/11907. The change comes while the company remains in a court-supervised restructuring process with creditor claims under review. The company’s filings indicate that board powers remain suspended and the Resolution Professional holds management authority as provided under Section 17 of the IBC.

Why the earlier Resolution Professional was replaced

The company stated that the earlier Resolution Professional, Mr. Rohit Ramesh Mehra, faced a regulatory action. His registration was cancelled by the Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee with effect from September 6, 2026. With that cancellation effective, the CoC moved to approve a replacement Resolution Professional. The appointment of a new professional is a procedural but important step because the Resolution Professional signs off on key process documents and steers the insolvency process under IBC timelines and oversight. Siti Networks’ disclosures also indicate that its financial results were prepared and signed by the Resolution Professional and Chief Executive Officer using powers conferred under Section 17 of the IBC.

CIRP status: Board powers remain suspended

Siti Networks has reiterated that it continues to operate under CIRP initiated by the NCLT, Mumbai Bench. The company said the CIRP was initiated under Section 7 of the IBC through an admission order dated February 22, 2023. The National Company Law Appellate Tribunal (NCLAT) order dated August 10, 2023 is cited as upholding the initiation. Under the CIRP framework, the Board of Directors’ powers remain suspended and are vested in the insolvency professional managing the process. This structure is designed to ring-fence decision-making during the resolution period and ensure creditor oversight through the CoC.

Financial creditor claims: ₹1,206.03 crore reported

Siti Networks has disclosed the scale of financial creditor claims during the insolvency process. It reported total financial creditor claims of ₹1,206.03 crore, cited as of August 2026. Separately, the company also referred to a regulatory filing dated March 2, 2026, which reported failure to meet loan and interest payments amounting to ₹1,206.03 crore as of January 31, 2026. The company named several financial creditors in this context, including Asset Reconstruction Company India Limited (ARCIL), Axis Bank, and IDBI Bank, and said the claims together were over ₹1,200 crore. These figures frame the size of the balance sheet stress being dealt with in the process.

Supreme Court stay and restrictions on certain payments

The company’s disclosures also refer to proceedings in the Supreme Court that are affecting parts of the insolvency process timeline and payment obligations. It stated that the Supreme Court has issued a stay preventing financial creditors from remitting certain amounts received during the stay period of the CIRP. In addition, it disclosed that payments to operational creditors for liabilities incurred during this period are prohibited. These restrictions are relevant because they can influence cash outflows and the handling of interim financial movements while legal clarity is awaited. The company has indicated that the CIRP continues with ongoing Supreme Court proceedings regarding creditor claims and process management.

Timeline of key events disclosed by Siti Networks

Background: what CIRP means for management and creditors

Under the IBC framework described in the company’s disclosures, CIRP is a mechanism used when a company defaults and a financial creditor applies for initiation of insolvency proceedings. Once admitted, an Interim Resolution Professional (IRP) is appointed, and later a Resolution Professional can be confirmed to manage the company’s affairs. The Board of Directors’ powers stand suspended during this period, with authority shifting to the insolvency professional. The process is designed to enable creditors to assess options such as approving a resolution plan or moving towards liquidation, depending on outcomes under the law.

Business context mentioned by the company

Siti Networks also referred to its OTT initiative, stating that OTT services through its WATCHO online video streaming platform were introduced by the company. The disclosure does not provide additional operational metrics in the provided text, but it situates the insolvency updates within the broader context of the company’s business initiatives. For readers, the key point is that the firm continues as a going concern under CIRP supervision, with management executed through the Resolution Professional as required under the IBC.

Market impact and what investors typically track next

The immediate market relevance of the update is procedural but material: the Resolution Professional is central to creditor coordination, documentation, and compliance under CIRP. The disclosed creditor claims of ₹1,206.03 crore provide a numeric anchor for the scale of distress cited by the company. Separately, the Supreme Court stay referenced by the company indicates that certain creditor remittances and operational creditor payments are restricted during the relevant period, which can influence near-term cash movements and process clarity. Investors typically track subsequent regulatory filings for further NCLT directions, CoC decisions, and the status of pending appeals that the company has said are before the Supreme Court.

Conclusion

Siti Networks’ latest disclosure confirms that Mr. Trupal J. Patel has been appointed as Resolution Professional following an NCLT Mumbai order dated September 28, 2026, while the company remains under CIRP that began on February 22, 2023. With board powers suspended and total financial creditor claims reported at ₹1,206.03 crore, the next key developments will hinge on ongoing court proceedings and directions, including matters pending before the Supreme Court.