NCLT Indore Approves Resolution Professional Replacement for Garima Real Estate
Authority: National Company Law Tribunal, Indore Bench Court No. 1
Order Date: 08/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Indore Bench heard an application (IA/285(MP)2026) filed by the Committee of Creditors (CoC) of Garima Real Estate & Allied Ltd against Mr. Gagan Gulati, the Resolution Professional of the company. The application was filed under Section 27 of the Insolvency and Bankruptcy Code, 2016 seeking replacement of the Interim Resolution Professional. The CoC, comprising banking and financial institutions, had passed a resolution in its 4th CoC Meeting with 100% voting share for replacing the current IRP. The proposal specifically sought appointment of Utkrishtha Insolvency Professionals Private Limited as the new IRP.
Final Outcome
The NCLT allowed the application and appointed Utkrishtha Insolvency Professionals Private Limited as the new Interim Resolution Professional. The new IRP is registered with the Insolvency and Bankruptcy Board of India under registration number IBBI/IPE-0142/IPA-3/2024-25/50085 and enrolled as a professional member of the Insolvency Professional Agency of Institute of Cost Accountants of India with professional membership number IPAICAI/IPE/023. The tribunal directed that the dues of the erstwhile IRP be paid within four weeks from the order date. The outgoing IRP was ordered to hand over all records, documents, and relevant information to the newly appointed IRP within one week. The new IRP is expected to work with the CoC to complete the Corporate Insolvency Resolution Process within the timelines prescribed under the Code.
Topics: Insolvency Proceedings, Corporate Restructuring, Regulatory Compliance