# In the matter of Nishta Mall Management Company Private Limited

> NCLT judgment dated 2025-06-12. Citation: TCN-2025-NCLT-00899. The case involves an application (IA/2464/2025) filed by the Resolution Professional under…

- **Court:** NCLT
- **Order date:** 12 Jun 2025
- **Citation:** TCN-2025-NCLT-00899
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/nishta-mall-management-company-private-limited-35ead155

## Summary

### Background

The case involves an application (IA/2464/2025) filed by the Resolution Professional under Section 19(2) of the IBC seeking cooperation and documents from the respondents. Another application (IA/2466/2025) was filed by Canara Bank, who holds 100% voting share in the CoC, for the replacement of the IRP Mr. Manoj Kumar Agarwal.

## Facts

IA/2464/2025 was filed by the Resolution Professional under Section 19(2) of the IBC.

IA/2466/2025 was filed by Canara Bank, holding 100% voting share in the CoC.

The CoC resolved to appoint Mr. Dinesh Kumar Aggarwal as the Resolution Professional on 24.03.2025.

Mr. Dinesh Kumar Aggarwal has Registration No. IBBI/IPA-002/IP-N00890/2019-2020/12843.

The IRP, Mr. Manoj Kumar Agarwal, was unwilling to continue as Resolution Professional due to personal reasons.

The admission order was dated 24.03.2025.

Dinesh Kumar Aggarwal's AFA is valid till 31.12.2025.

## Issues and analysis

### Issue 1: Whether the IRP, Mr. Manoj Kumar Agarwal, can be replaced due to his unwillingness to continue as …

**Ratio:** The court has the power to replace an IRP if they are unwilling to continue due to

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**Reasoning:** The IRP's unwillingness to continue would hinder the insolvency resolution process. The

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**Interpretation:** The IBC allows for the replacement of an IRP under certain circumstances to

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**Application:** In this case, the court allowed the replacement of Mr. Manoj Kumar Agarwal with

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## Parties

- **Judges:** Sushil Mahadeorao…; Charanjeet Singh…
- **Appellants:** Canara…
- **Respondents:** Nishta Mall…
- **Other parties:** Dinesh Kumar…; Manoj Kumar…
- **Advocates:** Mily Gh…; Parimal P…

## Timeline

- **2025-03-24 — CoC Meet…**: The CoC held their 1st meeting and resolved to appoint Mr. Dinesh Kumar Aggarwal as the…
- **2025-04-14 — Written C…**: Written consent from Mr. Dinesh…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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