NCLT appoints new Resolution Professional after IBBI cancels the earlier RP's registration
Siti Networks has informed the exchanges that the NCLT, Mumbai Bench appointed Mr. Trupalkumar Patel as the Company's Resolution Professional, by order dated September 28, 2026 (received on October 12, 2026).
By ScoutQuest · · 2 min read
- New Resolution Professional
- Mr. Trupalkumar Patel
- NCLT Order Date
- September 28, 2026 (received on October 12, 2026)
- Lender Voting
- 72% voting at Joint Lender Meeting held on 16.09.2026
What the update says
Siti Networks has informed BSE and NSE that the Hon'ble National Company Law Tribunal, Mumbai Bench, by order dated September 28, 2026 (received on October 12, 2026), has appointed Mr. Trupalkumar Patel as the Resolution Professional of the Company. The communication is in continuation of the company's earlier communication dated October 13, 2026, and the certified copy of the order is annexed to the disclosure.
The order was passed in an application shared by the Corporate Debtor under Section 27 of the Insolvency and Bankruptcy Code, 2016.
Why a new Resolution Professional was appointed
- The registration of the existing Resolution Professional was cancelled by IBBI in a disciplinary order dated 06.08.2026.
- In that order, the Disciplinary Committee directed that the existing RP shall not be eligible to continue his existing assignment, and the order was to come into force after 30 days from the date of issuance.
- The order accordingly became effective on 06.09.2026.
- A Joint Lender Meeting was then conducted on 16.09.2026, and the decision was taken to appoint Mr. Trupalkumar Patel, with 72% voting.
The Tribunal recorded that the new RP has a valid AFA up to 31.12.2026, and appointed him as the RP of the Corporate Debtor, allowing and disposing of the application.
Other matters listed
- In I.A. 5322/2024 and IA (I.B.C) 4455 (MB)/2025, the Tribunal has listed the matter on 03.12.2026.
What a Resolution Professional does
The RP is the professional who runs the company's operations during the Corporate Insolvency Resolution Process and drives the process forward on behalf of the Committee of Creditors. A change of RP means the process now continues under a different professional, chosen by the lenders who voted on the appointment.
How to read this update
- The appointment is a change of the professional running an ongoing insolvency process, not a change in the process itself.
- The trigger for the change was an IBBI disciplinary order against the previous RP, which is a negative development relating to the earlier incumbent.
- The new appointment carried 72% voting support from the lenders at the Joint Lender Meeting, which shows the decision was taken with substantial lender backing.
Also from Siti Networks
NCLT, Mumbai Bench appoints Resolution Professional in CIRP
13 Oct 2026
Term loan instalment default of August 31, 2026 disclosed; CIRP continues with a new Resolution Professional
1 Oct 2026
More numbers
- Voting share of lenders for the new Resolution Professional72%
- Period after which the IBBI disciplinary order came into force30 days
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