In the matter of BOGMALLO ENTERPRISES LIMITED
- CitationC.P. (IB) - 823/2025
Ratio decidendi
The rule this decision rests on
The Tribunal may, under Section 22 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, replace an Interim Resolution Professional whose appointing entity, by reason of the death of its majority equity holder, no longer satisfies the equity-holding requirement applicable to it, and appoint in that place an insolvency professional who has furnished consent in Form AA and holds a valid authorisation for assignment.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
1. IA 5711 of 2025 was last listed on 15.12.2025 when this Tribunal directed the Applicant to place the consent of the proposed IRP/RP in Form-AA by way of an additional affidavit. 2. Pursuant to the same, an additional affidavit has since been filed by the Applicant, which is dated 15.12.2025, along with which the Applicant has attached the following documents:
A. Form-AA issued by Mr. Jayanti Lal Jain B. Certificate of Registration of Mr. Jayanti Lal Jain with IBBI. C. Form-D being authorization of assessment issued by IIIPI. It is seen that the authorization for assignment is valid up to 31.12.2025.
3. The Applicant herein was the Applicant in CP/IB/823/2025 and at his behest the CIRP was initiated. 4. One Headway Resolution Insolvency Services Private Limited (IPE) was appointed as the IRP in the matter. It is stated that one Mr. Ram Ratan Kanoongo, who was holding 99.90% equity of the said IPE expired some-time in March, 2025 and as per the applicable regulation, as he was holding more than 51% equity, the IPE cannot function as an IRP in the matter as post expiry of Mr. Kanoongo, the equity holding of IPs in the IPE has falls below 51%. 5. The Applicant’s Counsel has preferred this application seeking the following prayers:
i. Allow the present application filed by Industrial and Commercial Bank of China Limited, Financial Creditor for replacement of Interim Resolution Professional Entity M/s. Headway Resolution & Insolvency Services Pvt. Ltd. and appointment of the proposed Interim Resolution Professional Mr. Jayanti Lal Jain (IBBI/IPA-001/IP- P01792/2019- 32/12845), as Interim Resolution Professional in terms of section 22 of the Code; ii. Issue such necessary orders for appointment of Mr. Jayanti Lal Jain (IBBI/IPA-001/IP- P01792/2019-32/12845), as Interim Resolution Professional to continue to carry on the Corporate Insolvency Resolution Process of the Corporate Debtor in terms of the provisions of the Code. iii. Pass necessary order condoning the delay of days in issuing Newspaper publication in terms of Regulation 6 of CIRP Regulations from 08 December 2025 till disposal of this Application. iv. issue such other necessary orders as may be necessary in the matter.
6. Taking into consideration, the above and after hearing the Ld. Counsel appearing on behalf of the Applicant, we are of the view that Prayer (i), (ii) and (iii) can be allowed in the present application. 7. Accordingly, Mr. Jayanti Lal Jain having Registration No. (IBBI/IPA- 001/IP-P01792/2019-32/12845) is appointed as the IRP by exercise the power and under Section 22 and 60(5) of IBC, 2016 and Rule 11 of NCLT Rules, 2016. Accordingly, Headway Resolution and Insolvency Services Pvt. Ltd. is released from this Assignment.
8. In terms of the above, IA 5711/ 2025 is allowed and disposed off. 9. The newly appointed IRP is directed to follow the provisions of IBC, 2016 and applicable Regulation and complete the CIRP.
Sd/- Sd/- SAMEER KAKAR NILESH SHARMA MEMBER (TECHNICAL) MEMBER (JUDICIAL) //RA//
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free