NCLT Bengaluru allows application to replace Resolution Professional in personal guarantor insolvency case filed by Karnataka State Co-operative Apex Bank.
The tribunal appoints Shyam Prabhad TP as new RP from IBBI panel to ensure impartiality in the ₹382.83 crore debt recovery proceeding.
The order addresses procedural challenge to RP appointment under Section 97 of IBC, referencing Supreme Court and NCLAT precedents on nomination process.
Financial creditor directed to deposit ₹35,000 initially with new RP and serve order copy, while interim moratorium provisions remain in effect.