CIRP update: Resolution Professional replaced; NCLT approves Waterfall Insolvency Professional as new RP

NCLT Bengaluru Bench order dated 31 August 2026 approved M/s. Waterfall Insolvency Professional Private Limited, represented by Ms. Shirley Mathew, as the new Resolution Professional, replacing Mr. Pankaj Srivastava.

Mon 5 Oct 2026

NCLT Order Date

31 August 2026

New Resolution Professional

M/s. Waterfall Insolvency Professional Private Limited, represented by Ms. Shirley Mathew

CoC Voting Share in Favour

78.62%

CoC Meeting

39th CoC meeting on 14 July 2026

Next Hearing

Case listed on 17.09.2026 for the report of the RP

Resolution Professional of the CIRP replaced

The update intimates that the Resolution Professional conducting the Corporate Insolvency Resolution Process of the company has been replaced, after the Committee of Creditors voted for a change and the NCLT approved it. A copy of the NCLT order is attached to the intimation.

The sequence of events

• CIRP was initiated in respect of the company under the Insolvency and Bankruptcy Code, 2016, by an order of the NCLT, Bengaluru Bench, effective 16 November 2022. Mr. Pankaj Srivastava was appointed as the Resolution Professional.
• At the 39th meeting of the Committee of Creditors held on 14 July 2026, members holding 78.62% voting share resolved to replace the existing Resolution Professional with M/s. Waterfall Insolvency Professional Private Limited, represented by its Designated Director, Ms. Shirley Mathew.
• An application was shared before the NCLT to this effect.
• By its order dated 31 August 2026, in I.A. (IBC) No. 788/2026 in C.P. (IB) No. 199/BB/2018, the NCLT, Bengaluru Bench, approved the appointment of M/s. Waterfall Insolvency Professional Private Limited, represented by Ms. Shirley Mathew, as the new Resolution Professional in place of Mr. Pankaj Srivastava.

What the NCLT order provides

• The newly appointed Resolution Professional shall furnish the list of its constituent partners and the existing assignments under the IBC and the Companies Act within a week.
• Thereafter it may take charge of the management of the affairs of the Corporate Debtor and exercise all powers and functions as contemplated under the IBC, 2016 and the regulations framed thereunder.
• The existing Resolution Professional is discharged from the case and shall hand over all records, data and information in respect of the Corporate Debtor to the newly appointed Resolution Professional, against receipt.
• The case is listed on 17.09.2026 for the report of the Resolution Professional.

What a Resolution Professional does

During CIRP, the Resolution Professional takes over the management of the affairs of the company, runs the process, and is the person through whom the Committee of Creditors and the tribunal deal with the company. The order records that the Bench found it appropriate to appoint an alternate Insolvency Professional in the interest of expeditious commencement of the CIRP.

How to read this

• The change was decided by the Committee of Creditors, where members holding 78.62% voting share voted in favour, and was then approved by the NCLT.
• This is a change of the professional running the process; the Corporate Insolvency Resolution Process itself continues.

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