Under Section 98(1) of the Insolvency and Bankruptcy Code, 2016, a creditor or debtor is permitted to seek the replacement of a Resolution Professional, provided the proposed replacement provides written consent to act in that capacity.

ORDER

IA(I.B.C)/1685( MB)2026

1. Adv. Aditya Mishra for Petitioner is present.

2. The present Interlocutory Application has been filed by M/s. Central Bank of India, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with applicable Rules and Regulation, for placing on record the consent form of the proposed Resolution Professional and seeking direction for the replacement of the Resolution Professional, Ms. Dipti Narayan Mundra, with a new Resolution Professional, Mr. Rakesh Jindal

3. Record reveals that this Bench, vide order dt. 08.04.2026, initiated Insolvency Resolution Process the against Respondent, MS. CHITRA DESHMUKH who is personal guarantor of the Corporate Debtor and appointed Ms. Dipti Narayan Mundra, as a Resolution Professional (RP) of the Corporate Debtor.

4. It is further submitted that the Applicant Bank now wish to replace the appointed resolution professional in accordance with the approval accorded by its competent authority. In the above backdrop, Mr. Rakesh Kumar Jindal having Registration No. IBBI/IPA-002/IP-N01148/2021-2022/13963 has been proposed to act as the Resolution Professional.

5. Mr. Rakesh Kumar Jindal, having Insolvency Registration No. IBBI/IPA-002/IP-N01148/2021-2022/13963, has also given his written consent in “FORM A”, to act as the Resolution Professional of the Corporate Debtor. The said FORM A, is also annexed with the present Interlocutory Application as Exhibit – B.

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 98(1) of the Insolvency and Bankruptcy Code, 2016, which permits creditor or debtor to seek replacement of resolution professional, and the same is liable to be allowed. Accordingly, the same is allowed, thereby appointing Mr. Rakesh Kumar Jindal, having Insolvency Registration No. IBBI/IPA-002/IP-N01148/2021-2022/13963, having address at D-202 ,Twin Hallmark, Sector 19A, Koparkhairene, Navi Mumbai, Maharashtra, 400709, having email iprakesh.jindal@gmail.com and Mobile No. 9560464525 to act as the Resolution Professional of the Personal Guarantor in place of Ms. Dipti Narayan Mundra

7. The erstwhile Resolution Professional of the Personal Guarantor, Ms. Dipti Narayan Mundra, 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 Personal Guarantor forthwith, so that the Resolution Professional shall take effective control of Insolvency Resolution Process of the Personal Guarantor and shall take control of such other important information/documents that may impact Insolvency Resolution Process.

8. The Incoming Resolution Professional shall clear the dues, if any, of erstwhile Insolvency Professional of the Personal Guarantor in accordance with the approved fee structure or if not yet approved after seeking ratification from CoC, as the case may be, 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 Personal Guarantor, Mr. Rakesh Kumar Jindal, is directed to make his best and dedicated efforts to discharge his duties and shall carry out his functions as contemplated by the