Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 17 July 2026
Case Overview
The matter involves an application (IA/1091(AHM)2026) filed within the main insolvency proceeding CP(IB)/53(AHM)2026, which is a proceeding under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant is ICICI Bank Limited, and the respondent is Param Renewable Energy Pvt. Ltd., designated as the Corporate Debtor. The specific application was filed by the applicant under Section 22 of the IBC read with Rule 11 of the National Company Law Tribunal Rules, 2016. The primary purpose of the application is to seek the confirmation and appointment of a new Resolution Professional and the handover of control from the existing Interim Resolution Professional.
Final Outcome
The Tribunal has not issued a final ruling on the application but has directed procedural steps. Notice has been issued to the current Interim Resolution Professional, returnable by the next hearing date. The applicant (ICICI Bank) is directed to collect the notice and serve it upon the Interim Resolution Professional via Registered Post/Speed-post, Dasti mode, and email forthwith. The Interim Resolution Professional is given three days from the date of receipt of notice to file a reply. Any rejoinder must be filed before the next hearing. The applicant must also file proof of service by way of an affidavit. The matter has been listed for further consideration on 27 July 2026. The outcome of the application to appoint Mr. Navneet Kumar Gupta (Registration No. IBBI/IPA-001/IP-P00001/2016-2017/10009) remains pending.
Topics: Corporate Insolvency, NCLT Proceedings