Authority: National Company Law Tribunal, Jaipur Bench
Order Date: June 19, 2026
Case Overview
The application (IA No. 273/JPR/2026) was filed by financial creditor Tata Capital Ltd. under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking replacement of the Resolution Professional (RP), Mr. Rakesh Kumar Tulsyan. The application was filed on grounds that Mr. Tulsyan's Authorisation for Assignment (AFA) had been suspended on November 25, 2025. The matter involved Amitabh Jain as personal guarantor to the corporate debtor Nidhi Kamal Automobiles Pvt. Ltd.
During proceedings, Mr. Tulsyan appeared in person and informed the tribunal that his AFA had been restored on June 2, 2026, one day after the replacement application was filed. He produced a restoration order from the Indian Institute of Insolvency Professionals of ICAI stating that the Disciplinary Committee had disposed of the show cause notice without imposing any adverse directions upon him. The restoration was valid until December 31, 2026.
Final Outcome
The financial creditor Tata Capital Ltd. expressed no objection to Mr. Tulsyan continuing as Resolution Professional in light of the restoration of his AFA. The NCLT Jaipur Bench, comprising Judicial Member Ms. Reeta Kohli and Technical Member Ms. Kavita Bhatnagar, disposed of the application and permitted Mr. Rakesh Kumar Tulsyan to continue serving as Resolution Professional.
Topics: Insolvency Proceedings, Regulatory Compliance