Authority: National Company Law Tribunal, Jaipur Bench
Order Date: July 13, 2026
Case Overview
This order addresses multiple Interlocutory Applications (IAs) filed in the main insolvency petition, CP No. (IB)-16/7/JPR/2021, initiated by Bhala Finance Pvt. Ltd. against Tushar Realhome LLP under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The specific application in focus, IA No. 315/JPR/2026, was filed by the Committee of Creditors (CoC) of Tushar Realhome LLP. It contained three prayers: to accept the resignation of the existing Resolution Professional (RP), Mr. Satyendra Prasad Khorania (IBBI/IPA-002/IPN00036/2016-17/10002); to appoint Mr. Vishnu Upadhyay (IBBI/IPA003/IP-N00153/2018-19/11843) as the new RP in accordance with a CoC resolution passed by a 77.13% majority; and to dismiss any competing applications from a minority dissenting creditor.
Final Outcome
The tribunal disposed of IA No. 315/JPR/2026 as infructuous. It noted that a previous order dated July 3, 2026, had already accepted the resignation of Mr. Satyendra Prasad Khorania and adjudicated on the appointment of the new RP, rendering the current application moot. A separate application, IA No. 217/JPR/2025, was adjourned and posted for a hearing on July 29, 2026.
Topics: Insolvency, Corporate Governance