# Islamuddin Kagzi vs. Union Bank of India

> NCLT judgment dated 2026-06-19. Citation: TCN-2026-NCLT-00582. Mr. Islamuddin Kagzi, a Personal Guarantor to M/s Sanga Builders Private Limited, filed an…

- **Court:** NCLT
- **Order date:** 19 Jun 2026
- **Citation:** TCN-2026-NCLT-00582
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/islamuddin-kagzi-vs-union-bank-of-india-y7acs

## Summary

### Background

Mr. Islamuddin Kagzi, a Personal Guarantor to M/s Sanga Builders Private Limited, filed an Interlocutory Application (IA (IBC) No. 567/JPR/2025) under Section 98 of the Insolvency and Bankruptcy Code, 2016, seeking the replacement or substitution of Mr. Rishabh Chand Lodha as the Resolution Professional (RP). The original petition under Section 95 of the Code was filed by the Financial Creditor (Union Bank of India) on January 1, 2024, and the RP was appointed on January 4, 2024. The RP subsequently submitted a report under Section 99 recommending the admission of the application. The Applicant contended that the Adjudicating Authority has the power to replace the RP under Sections 97 and 98 of the Code, and that the RP's role in proceedings concerning Personal

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## Facts

IA (IBC) No. 567/JPR/2025 was filed by Mr. Islamuddin Kagzi, a Personal Guarantor to M/s Sanga Builders Private Limited.

The application sought the replacement/substitution of Mr. Rishabh Chand Lodha as the Resolution Professional (RP).

The application was filed under Section 98 of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016.

The original petition under Section 95 of the Code was filed by the Financial Creditor (Union Bank of India) on January 1, 2024.

The Resolution Professional, Mr. Rishabh Chand Lodha, was appointed on January 4, 2024.

The RP submitted a report under Section 99 of the Code recommending the admission of the application.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional appointed in proceedings under Section 95 of the Code can be …

**Ratio:** The Adjudicating Authority possesses the power to replace/substitute the Resolution

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**Reasoning:** A conjoint reading of Sections 97, 98, 99, and 100 of the Code indicates that the role of

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**Interpretation:** The statutory framework of the IBC grants the Adjudicating Authority the

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**Application:** The Adjudicating Authority confirmed its jurisdiction to consider the

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Islamuddin…
- **Respondents:** M/s Sanga…; Union Bank of…
- **Other parties:** Erstwhile Andhra…; Rishabh Chand…
- **Advocates:** Karan Prata…; Nishant…

## Timeline

- **2024-01-01 — Petition…**: Petition under Section 95 of the Code…
- **2024-01-04 — RP Appoi…**: Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 98 — Replacement of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-98)

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