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2026 Supreme(Online)(NCLT) 2186
NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH
Brajendra Mani Tripathi, J, Man Mohan Gupta, Technical Member
IDBI BANK LIMITED – Appellant
Versus
NAVSAN GLASS INDUSTRIES LIMITED – Respondent
IA/122(MP)2026 | CP(IB)/63(MP)2022
For the Appellants/Petitioners: Devavrat Paresh Joshi
For the Respondents: None
The Tribunal may replace an Interim Resolution Professional (IRP) if the appointed professional is under suspension or unable to act, to prevent procedural impediments and protect the interests of creditors and the corporate debtor during the CIRP.
Headnote:The application was filed under Section 16 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought the replacement of the appointed Interim Resolution Professional (IRP) on the grounds that the previous appointee was under suspension and unable to act. The court found that the proposed replacement had provided the necessary written consent and held a valid registration certificate. The primary issue was whether the IRP could be replaced to ensure the smooth conduct of the Corporate Insolvency Resolution Process (CIRP) when the appointed professional is unable to serve. The court reasoned that the non-availability of the IRP created a procedural impediment and potential prejudice to the interests of the creditors and the corporate debtor, necessitating the appointment of a qualified professional to ensure efficiency. In view of the above, the present application is allowed, and Mr. Dhaval Jitendra Kumar Mistry, Insolvency Professional bearing IP Registration No. IBBI/IPA-P01853/2019/2020/12849 is hereby appointed as the new Interim Resolution Professional (IRP) to continue and complete the CIRP of Navsan Glass Industries Ltd.
| Table of Content |
|---|
| 1. replacement of irp due to professional incapacity or suspension to avoid procedural delays. (Para 1 , 2 , 3 , 4 , 5) |
| 2. judicial review of the eligibility and consent of the proposed resolution professional. (Para 6) |
| 3. appointment of a qualified irp and mandatory handover of records to ensure cirp continuity. (Para 7 , 8 , 9 , 10) |
ORDER
IA/122(MP)2026
1. The present Application has been filed by the Applicant under Section 16 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules, 2016 and prays for to replace Mr. Chandra Prakash Jain, Insolvency Professional, with Mr. Dhaval Jitendra Kumar Mistry, Insolvency Professional (IP Reg. No. IBBI/IPA-P01853/2019/2020/12849), as the Resolution Professional in CP (IB) No. 63/IND/2022 and further prayed to direct the Registry to communicate the order to the Insolvency and Bankruptcy Board of India (IBBI).
2. Ld. Counsel for the Applicant submits that the said Company Petition was admitted by this Tribunal vide order dated 04.11.2025, whereby CIRP was initiated against the Corporate Debtor and Mr. Chandra Prakash Jain, Insolvency Professional Bearing Registration No. IBΒΙ/ΙΡΑ-001/IP-P00147/2017-18/10311, was appointed as the Interim Resolution Professional (IRP).
3. It is further submitted that subsequent to the passing of the admission order, when the said Insolvency Professional was informed of his appointment, it came to the knowledge of the Financial Creditor that the said IRP was under suspension and was not permitted to act or continue as an Insolvency Professional. Owing to the said suspension, Mr. Chandra Prakash Jain refused to accept the assignment and expressed his inability to act as IRP/RP in the present CIRP proceedings.
4. It is further submitted that due to the non-availability of the appointed IRP, the CIRP could not effectively commence, resulting in a procedural impediment and causing potential prejudice to the interests of the creditors as well as the Corporate Debtor. Therefore, in order to ensure the smooth conduct, efficiency, and continuation of the CIRP, the Financial Creditor undertook correspondence with various eligible Insolvency Professionals for their appointment as the Interim Resolution Professional / Resolution Professional in the present matter.
5. That after conducting due diligence, the Financial Creditor has proposed the name of Mr. Dhaval Jitendra Kumar Mistry, an Insolvency Professional bearing Registration No. IBBI/IPA-P01853/2019-2020/12849, to act as the Resolution Professional in the present CIRP. The proposed Resolution Professional has provided his written consent in Form-2 dated 02.02.2026, along with the Authorisation for Assignment (AFA) in Form-B dated 07.01.2026. Further, the proposed Resolution Professional holds a valid Registration Certificate dated 25.11.2019 issued by the Insolvency and Bankruptcy Board of India.
6. We have heard the Ld. Counsel for the Applicant and perused the record.
7. In view of the above, the present application is allowed, and Mr. Dhaval Jitendra Kumar Mistry, Insolvency Professional bearing IP Registration No. IBBI/IPA-P01853/2019/2020/12849 is hereby appointed as the new Interim Resolution Professional (IRP) to continue and complete the CIRP of Navsan Glass Industries Ltd.
8. It is expected that the incoming IRP, along with the CoC, shall take all necessary and expedited steps to ensure that the CIRP is completed within the timelines prescribed under the Code.
9. The erstwhile IRP is directed to handover all records, documents, and relevant information to the newly appointed IRP preferably within Five (5) days.
10. With the above directions, IA/122(MP)2026 stands allowed and disposed of.
