NATIONAL COMPANY LAW TRIBUNAL

COURT ROOM NO. 1,

MUMBAI BENCH

Item No. 26

IA(I.B.C)/5266( MB)2025 & IA(I.B.C)/5265( MB)2025 In C.P.

(IB)/745(MB)2025

CORAM:

SH. PRABHAT KUMAR SH. SUSHIL MAHADEORAO KOCHEY HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING ON 17.11.2025

NAME OF THE PARTIES: ASIS CORPORATE ADVISORS LTD

Section 10, 22 & 60(5) of Insolvency and Bankruptcy Code, 2016 and Rule 11

of NCLT, 2016

ORDER

Adv. Aditya Trivedi, Adv. Vidhi Sharma for the Applicant present.

IA(I.B.C)/5266( MB)2025

1. The present application ("IA 5266 of 2025") has been filed by the State

Bank of India, who is Applicant/Financial Creditor, under Section 22(2) and 22(3)(b) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking following

reliefs:-

(a) Allow the present application and appoint Mr. Mukesh

Khathuria as the Resolution Professional in the present case;

(b) Pass such other or further orders as this Hon’ble Tribunal may

deem fit and proper in the interest of justice and equity.

2. The Applicant, State Bank of India, is the sole member of the Committee

of Creditors (CoC) of the Corporate Debtor, holding 100% voting share, seeks confirmation for the replacement of the Interim Resolution

Professional (IRP) appointed in the captioned matter and for the appointment of a new Resolution Professional (RP) under Section 22(2) and 22(3)(b) of the Insolvency and Bankruptcy Code, 2016 read with Rule

11 of the National Company Law Tribunal Rules, 2016.

3. The Tribunal, vide its Order dated 09.09.2025 passed in Company Petition (IB) No. 745 of 2025, admitted the petition filed by the Corporate Applicant, Asis Corporate Advisors Limited, under Section 10 of the IBC, 2016, thereby initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Devendra Jain, Insolvency Professional, having Registration No. IBBI/IPA-001/IP-P00255/2017-2018/10484, as the Interim Resolution Professional.

4. Pursuant to the commencement of CIRP, the IRP duly constituted the Committee of Creditors (CoC) consisting of a single Financial Creditor, i.e., State Bank of India (SBI/ Applicant), holding 100% voting share. The first meeting of the CoC was held on 08.10.2025, wherein the agenda to confirm or replace the IRP, as required under Section 22(2) of the Code, was placed for consideration.

5. Subsequently, in the second CoC meeting held on 01.11.2025 the Applicant, with 100% voting share, decided to appoint another Resolution Professional namely Mr. Mukesh Khathuria, Insolvency Professional having Registration No. IBBI/IPA-001/IP-01216/2018-19/11925, as the Resolution Professional to conduct the CIRP. The necessary consent of said Insolvency Professional has been placed on record.

6. In view of the aforesaid, we confirm the appointment of Mr. Mukesh Khathuria, Insolvency Professional having Registration No. IBBI/IPA- 001/IP-01216/2018-19/11925, as the Resolution Professional to conduct the CIRP.

7. In terms of above, IA (IB) 5266 of 2025 is allowed and disposed of.

IA(I.B.C)/5265( MB)2025

1. The Court Officer is directed to issue notice to the Respondent(s)

intimating the next date of hearing and requiring the Respondent(s) to file reply. The Court Officer shall place track consignment report on record at least two days before the next date of hearing.

2. In addition to the Court Notice, the Applicant is also directed to issue notice, along with the present Application if such Application is not served earlier, to the Respondent(s) intimating the next date of hearing by all possible means (i.e. Speed Post, Email, etc.) and file an affidavit of service enclosing therewith notice along with proof of service of notice at least two days before the next date of hearing. The Applicant is also directed to serve the copy of this order to the Respondent(s) for compliance.

3. The Respondent is directed to file the Reply within two (2) weeks by serving an advance copy to the Counsel for the Applicant.

4. List t