New Resolution Professional appointed as NCLAT sets aside liquidation order and CIRP resumes

The company's insolvency case has moved back from liquidation to the resolution stage.

Tue 29 Sep 2026

Liquidation Order Date

06.04.2022

NCLAT Stay Order Date

08.07.2022

Liquidation Order Set Aside

30.03.2026

New Resolution Professional

Mr. Sumeet Surendra Chimbalkar

RP Appointment Order Dates

11.08.2026 and 19.08.2026

What happened

The company is a corporate debtor under the Insolvency and Bankruptcy Code, 2016. NCLT admitted it into liquidation by order dated 06.04.2022 in IA No. 128 of 2021 in CP (IB) No. 100 of 2018.

The Committee of Creditors (CoC) appealed to NCLAT. NCLAT stayed the operation of the liquidation order on 08.07.2022, and by its final order dated 30.03.2026 set aside the liquidation order and directed the CoC to appoint a Resolution Professional to continue the Corporate Insolvency Resolution Process (CIRP).

Appointment of the new RP

The CoC shared IA (IBC) No. 1001 (CHE) of 2026 before NCLT. By order dated 11.08.2026, read with the subsequent order dated 19.08.2026 (uploaded on 03.09.2026), the Tribunal recorded the approval of Mr. Sumeet Surendra Chimbalkar as the new Resolution Professional, with AFA valid till 30.06.2027. The name had inadvertently been left out of the 11.08.2026 order and was incorporated by the later order.

He has assumed charge and states he will conduct the CIRP under the IBC and its regulations, requesting all stakeholders to provide information, records, documents and assistance.

Other proceedings noted

• TA/138(CHE)/2021 relates to PUFE (preferential, undervalued, fraudulent and extortionate) transactions shared by the erstwhile RP; the Tribunal directed the new RP to take steps for substitution or decide the further course of action, and listed it for hearing on 08.09.2026.

What it means for investors

The move from liquidation back to a resolution process means the company's fate will again be decided through the CIRP, where resolution applicants may submit plans. Under the IBC, the board's powers stand suspended and management vests with the Resolution Professional. Outcomes for equity shareholders in a CIRP depend on the resolution plan that is eventually approved, and the waterfall under the Code places shareholders last.

The RP has also informed the exchange that this intimation was sent by email as an interim measure since he does not yet have the login credentials for the BSE Listing Centre, and has sought assistance in retrieving or resetting them. Further compliances are to follow once credentials are received.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.