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101 NATIONAL COMPANY LAW TRIBUNAL

GUWAHATI BENCH GUWAHATI

ORDER SHEET OF THE HEARING ON 24^th JULY 2026

IA(IBC)/55/GB/2026 CP(IB)/13/GB/2023

Present: 1. Hon’ble Member (Judicial), Shri Rammurti Kushawaha

2. Hon’ble Member (Technical), Shri Yogendra Kumar Singh

Appearances (via video conferencing/physically)

IA(IBC)/55/GB/2026 For Petitioner (s) : Mr. Mukesh Sharma, Adv.

: Mr. Karan Borad, Adv.

For Respondent (s) : Ms. Sudha Sarma, RP in person

ORDER

Order pronounced in open court vide separate sheets.

Sd/- Sd/-

Yogendra Kumar Singh Rammurti Kushawaha Member (Technical) Member (Judicial)

Zeba (PS)

NATIONAL COMPANY LAW TRIBUNAL GUWAHATI BENCH

GUWAHATI

IA (IBC)/55/GB/2026 In

CP (IB)/13/GB/2023

An Application under Section 98 of the Insolvency and Bankruptcy Code read with Section 60(5) of the Code, 2016 and Rule 11 of the NCLT Rules, 2016;

In the Matter of IA (IBC)/55/GB/2026:

Indian Bank( erstwhile Allahabad Bank), a banking company duly constituted under the Banking Companies (Acquisition & Transfer of Undertaking) Act, 1970, having its head office at PB No. 5555, 254-260, Avvai Shanmugam Salai, Royalpettah, Chennai, 600014 and branch office amongst others at SRCB Road, Kailash Bhawan, Fancy Bazar,

Guwahati- 781001, Kamrup(M), Assam …Applicant/Financial Creditor

-Versus-

Sudha Sarma, Liquidator, Nayak Infrastructure Private Limited, having its office at Sudha & Associates, 185, MRD Road, Bamunimaidan, Near SBI, Kamrup (M), Guwahati-

781021, Assam;

…Respondent/ Resolution Professional

-And-

In the Matter of CP (IB)/13/GB/2023:

Indian Bank (Erstwhile Allahabad Bank)

… Financial Creditor -Versus-

Rita Mandal …Personal Guarantor

Page 1 of 11

IA (IBC)/55/GB/2026 In

CP (IB)/13/GB/2023

Coram:

Shri Rammurti Kushawaha : Member (Judicial)

Shri Yogendra Kumar Singh : Member (Technical)

Appearances (through video conferencing):

For Applicant : Mr. M. Sharma, Mr. K. Board (Advs.)

For Respondent : Ms. S. Sarma (RP)

Order pronounced on: 24.07.2026

As Per Bench

1. This present Interlocutory Application is filed by Indian Bank (‘Applicant’), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Rule 11 of the National Company Law Tribunal, Rules 2016 (‘NCLT Rules’), seeking replacement of Resolution Professional, Ms. Sudha Sarma (‘Respondent’) under

Section 98 of the Code. The Applicant seeking the following substantive reliefs:

1.1. Allow the present application for replacement of the Resolution Professional, Ms. Sudha Sarma, under Section 98 of the Code.

1.2. Declare that the continued appointment of Ms. Sudha Sarma as Resolution Professional in the captioned matter is vitiated by conflict of interest, adversarial relationship with the Applicant Bank, and reasonable apprehension of bias, and that her continuance is not in the

interest of a fair and impartial resolution process.

1.3. Direct that Ms. Sudha Sarma be removed as Resolution Professional in CP (IB)/13/GB/2023, and that a fresh Resolution Professional, having no pending litigation or adversarial proceedings with the Applicant Bank, be appointed in her place to conduct the

Personal Insolvency Resolution Process.

1.4. Pass such further or other orders as this Hon’ble Tribunal may deem fit and proper in the interest of justice and in accordance with the provisions of the Code.

2. Submissions on behalf of the Applicant in its Interlocutory Application dated

06.04.2026:

Page 2 of 11

IA (IBC)/55/GB/2026 In

CP (IB)/13/GB/2023

2.1. The Applicant is a banking company being represented by its authorised officer, Mr. Pramod Kumar Giri. A copy of the authority letter dated 31.03.2026 is

annexed to the Application as “Document P”.

2.2. The Applicant invoked its statutory rights under Section 95 of the Code and instituted an Application before this Hon’ble Tribunal against Rita Mandal (‘Personal Guarantor’), duly registered and numbered as CP (IB)/13/GB/2023, wherein it sought initiation of the Personal Insolvency Resolution Process (‘PIRP’) against the Personal Guarantor. The af