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Judgment
ORDER
The present Application has been filed by the Applicant under Section 60(5) of the IBC, 2016 r.w. Rule 11 of the NCLT Rules, 2016 and prays for to appoint Mr. Harsh Firoda having registration no. IBBI/IPA-001/IP-P-01944/2020-2021/13252 as Interim Resolution Professional in the Corporate Insolvency Resolution Process of the Respondent.
Ld. Counsel for the Applicant submits that the present IA has been filed seeking appointment of another Insolvency Professional as the Interim Resolution Professional (IRP) in place of the earlier appointed IRP.
It is further submitted that the Applicant/Financial Creditor, in Part III at Page No. 9 of the main Company Petition, had originally proposed the name of Mr. Navin Khandelwal, bearing IBBI Registration No. IBBI/IPA-001/IP-P00703/2017-2018/11301, to act as the Interim Resolution Professional. It is also submitted that the Financial Creditor had annexed along with the main Petition the written consent of the proposed IRP in the prescribed Form, his registration certificate, and a valid Authorisation for Assignment (AFA), which are collectively marked as Annexure A/2 (Pages 24–26 of the main Petition).
Ld. Counsel further submits that the main Petition came to be admitted by this Tribunal vide order dated 08.01.2026, whereby Mr. Navin Khandelwal was appointed as the Interim Resolution Professional to carry out the Corporate CIRP of the Corporate Debtor.
It is submitted that subsequent to the aforesaid order dated 08.01.2026, a communication was received from Mr. Navin Khandelwal stating that he is presently handling ten assignments and, in view of the limitation prescribed under Regulation 7B of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, as amended by the IBBI (Insolvency Professionals) Second Amendment Regulations, 2025 (effective from November, 2025), he is not eligible to accept or continue with the present assignment as IRP of the Corporate Debtor.
Ld. Counsel submits that upon receipt of the said communication, the same was mentioned before this Tribunal on 14.01.2026, and liberty was sought to propose the name of another Insolvency Professional. Accordingly, the present Interlocutory Application has been filed proposing the name of a new IRP.
We have heard the Ld. Counsel for the Applicant and perused the material available on record.
Considering the facts and circumstances of the present case, and in view of the ineligibility expressed by the earlier appointed IRP, we hereby appoint Mr. Harsh Firoda, bearing Registration No. IBBI/IPA-001/IP-P-01944/2020-2021/13252, Email: [email protected], as the Interim Resolution Professional in place of Mr. Navin Khandelwal.
The written consent of the newly appointed IRP, Mr. Harsh Firoda, in Form-2 under the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, along with his registration certificate and valid AFA dated 28.01.2026, has been placed on record and is annexed as Annexure A/3 to the present Application.
The erstwhile IRP, Mr. Navin Khandelwal, is hereby directed to hand over all records, documents, and details pertaining to the Corporate Debtor to the newly appointed IRP within a period of one week. The newly appointed IRP shall thereafter proceed with the CIRP in accordance with law and complete the process within the timelines as directed in the admission order dated 08.01.2026.
In view of the above, IA/93(MP)2026 stands allowed and disposed of accordingly.