# Subrata Roy & Ors. vs. Rajiv Mohan & Ors.

> NCLAT judgment dated 22 Apr 2026. Citation: TCN-2026-NCLAT-00130. The appeal originates from an order dated 02.03.2026 issued by the National Company Law…

- **Court:** NCLAT
- **Order date:** 22 Apr 2026
- **Citation:** TCN-2026-NCLAT-00130
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/subrata-roy-ors-vs-rajiv-mohan-ors-44848705

## Summary

### Background

The appeal originates from an order dated 02.03.2026 issued by the National Company Law Tribunal (NCLT), New Delhi, Bench – II. This order disposed of I.A No. 917 of 2026 and IA No. 931 of 2026 in the Corporate Insolvency Resolution Process (CIRP) of Corporate Debtor-Three C Projects Pvt Ltd. The NCLT had directed the replacement of the existing Resolution Professional (RP) but rejected the name proposed by the Committee of Creditors (CoC), instead appointing an RP of its own choice. The CoC, in its 52nd meeting on 11.02.2026, had approved the replacement of the existing RP with Shri Krit Narayan Mishra with a 100% vote share. IA No. 917 of 2026 was filed by the Authorised Representative of Financial Creditors (homebuyers) to approve Shri Krit Narayan Mishra as RP,

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## Facts

The appeal is filed under Section 61 of the Insolvency and Bankruptcy Code 2016 against an order dated 02.03.2026 passed by the Adjudicating Authority (NCLT, New Delhi, Bench – II).

The impugned order disposed of I.A No. 917 of 2026 & IA No. 931 of 2026 in CP (IB) No. 1718(PB) of 2018, directing the replacement of the current Resolution Professional (RP).

The Corporate Debtor undergoing CIRP is Three C Projects Pvt Ltd.

In its 52nd meeting on 11.02.2026, the CoC approved the replacement of the existing RP with Shri Krit Narayan Mishra with a 100% vote share.

IA No. 917 of 2026 was filed by the Authorised Representative of Financial Creditors (homebuyers) to approve the appointment of Shri Krit Narayan Mishra.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has the jurisdiction to reject the appointment of an RP proposed …

**Ratio:** Section 27 of the IBC empowers the CoC to replace the RP with a 66% vote share, subject

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**Reasoning:** The statutory scheme of Section 27 of the IBC is unambiguous, clearly outlining the CoC's

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**Interpretation:** Section 27 of the IBC is to be interpreted strictly, limiting the Adjudicating

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**Application:** In this case, the CoC approved the replacement with 100% vote share and

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** SUBRATA…; ANAND KRISHNA…; +15 more
- **Respondents:** Three C Projects…; RAJIV M…; +6 more
- **Other parties:** Insolvency and…; Resolution…; +7 more

## Timeline

- **2018 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against Corporate Debtor-Three C…
- **2025-12-30 — CoC seeks consent from…**: The Committee of Creditors (CoC) issued a letter to the proposed RP (Shri Krit Narayan…

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