Siti Networks Update: New Resolution Professional Appointed

Total financial claims reported at Rs 1,206.03 crore as of August 10, 2026.
New Resolution Professional, Mr. Trupal J. Patel, appointed by the NCLT.

Reader Takeaway: Company remains under insolvency; board powers are suspended with proceedings awaiting Supreme Court direction.

What just happened

Siti Networks Limited, currently undergoing the Corporate Insolvency Resolution Process (CIRP), has confirmed the appointment of Mr. Trupal J. Patel as its new Resolution Professional. This follows a September 28, 2026, order by the NCLT in Mumbai. The company’s Board of Directors remains suspended, with all management authority vested in the new professional.

Why this matters

The appointment is a key step in the ongoing restructuring efforts. The company also disclosed current debt claims from several financial creditors, including Asset Reconstruction Company India Limited (ARCIL), Axis Bank, and IDBI Bank, totaling over Rs 1,200 crore.

Legal and Regulatory Landscape

Legal proceedings remain complex. The Supreme Court has issued a stay preventing financial creditors from remitting certain amounts received during the stay period of the CIRP. Additionally, payments to operational creditors for liabilities incurred during this period are prohibited. A separate ongoing dispute involves Vani Agencies Pvt. Ltd. (VAPL) regarding its classification as a related party and its participation in the Committee of Creditors.

What to track next

Investors should monitor upcoming NCLT hearings and further guidance from the Supreme Court, as these will influence the timeline for financial restructuring and the eventual distribution of claims to creditors.