NATIONAL COMPANY LAW TRIBUNAL

COURT ROOM NO. 1,

MUMBAI BENCH

Item No. 13

IA(I.B.C)/5532( MB)2025 in C.P. (IB)/421(MB)2025

CORAM:

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

ORDER SHEET OF THE HEARING ON 01.12.2025

NAME OF THE PARTIES: IA(I.B.C)/5532(MB)2025 - THE COMMITTEE

OF CREDITORS OF SU TOLL ROAD PRIVATE LIMITED THOUGH STATE BANK OF INDIA LEAD LENDER OF THE COMMITTEE OF CREDITORS VS SANJAY KUMAR MISHRA INSOLVENCY PROFESSIONAL IN THE MATTER OF STATE BANK OF INDIA VS SU TOLL ROAD

PRIVATE LIMITED

Section 22(3)(b) & 7 of the Insolvency and Bankruptcy Code, 2016

__________________________________________________________________

ORDER

IA(I.B.C)/5532( MB)2025 in C.P. (IB)/421(MB)2025

1) Mr. Arjun Amin, Ld. Counsel for the Applicant is present.

2) The present Interlocutory Application has been filed by the Committee of

Creditors of the Corporate Debtor under Section 22(3)(B) of the Insolvency and Bankruptcy Code, 2016, for replacement of the Interim Resolution Professional and, resultantly, seeking appointment of Mr. S. Rajendran as

3) Record reveals that this Bench, vide order dt. 18.08.2025, initiated Corporate Insolvency Resolution Process against the Corporate Debtor and appointed Mr. Sanjay Kumar Mishra, as an Interim Resolution Professional (IRP).

4) It is submitted that the Committee of Creditors, in their 4th meeting held on November 6, 2025, resolved to replace the IRP with Mr. S. Rajendran having Registration No. IBBI/IPA-02/IP-N00098/2017-2018/10241, Insolvency Professional, as the Resolution Professional of the Corporate Debtor. Appointment of Mr. S. Rajendran as the Resolution Professional; was approved by a voting percentage of 74.66%. The relevant part of the said Resolution is quoted below for the convenience.

5) Mr. S. Rajendran, having Insolvency Registration No. IBBI/IPA-02/IP-

N00098/2017-2018/10241, has also given his written consent in “FORM said FORM AA, is also annexed with the present Interlocutory Application as Exhibit F.

6) Having considered the submissions and on perusal of the averments made in the present Interlocutory Application, this Bench is satisfied and is of the considered view that the present Interlocutory Application is in consonance with Section 22(3)(B) of the Insolvency and Bankruptcy Code, 2016 and the same is liable to be allowed. Accordingly, the same is allowed, thereby appointing Mr. S. Rajendran, having Insolvency Registration No. IBBI/IPA-02/IP-N00098/2017-2018/10241, to act as the Resolution Professional of the Corporate Debtor in place of Mr. Sanjay Kumar Mishra

7) The erstwhile Interim Resolution Professional of the Corporate Debtor, Mr.

Sanjay Kumar Mishra, is hereby directed to handover all the records, papers, information, data, status report, etc. whatever available with him in the Physical or Electro format, to the newly appointed Resolution Professional of the Corporate Debtor forthwith, so that the Resolution Professional shall take effective control of Corporate Insolvency Resolution Process of the corporate debtor and shall take control of such other important information/documents that may impact Corporate Insolvency

8) The Incoming Resolution Professional shall clear the dues of erstwhile from CoC in accordance with the provisions of the Code. After handing over to the satisfaction of Incoming Resolution Professional, as stated above, the erstwhile Insolvency Professional of the Corporate Debtor shall stand discharged from his duties under the Code in respect of this Corporate Debtor.

9) The Resolution Professional of the Corporate Debtor, Mr. S. Rajendran, is directed to make his best and dedicated efforts to discharge his duties shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 the Insolvency and Bankruptcy Code, 2016 and shall complete the Corporate Insolvency Resolution Process within the time, and shall file and place on record periodical Progress Report(s) as contemplated in the CIRP Regulations