Moniveda Consultants Llp And Anr & Ors vs Ashok Kumar Agarwal Erstwhile Irp Of Jls ...

IN THE MATTER OF: Moniveda Consultants LLP & Anr. ...Appellants Versus Ashok Kumar Agarwal ...Respondents Erstwhile IRP of JLS Realty Pvt. Ltd. & Ors.

Present: For Appellant : Mr. Zain A. Khan, Mr. Sanat Garg and Mr. Mohd. Abran Khan, Advocates. For Respondents : Mr. Rohit Gupta and Ms. Madhvi Doshi, Advocates for R3/RP.

ORDER

(Hybrid Mode)

16.03.2026: Heard counsel for the appellant.

2. This appeal has been filed against the order dated 28.11.2025 passed

in IA No. 5483 of 2025 which was filed by the appellant. The earlier IRP Mr.

Ashok Kumar Aggarwal has been replaced by Mr. Pankaj Sham Joshi. The

appellant by the IA has sought addition of RP as Respondent No.3. Appellant

contended before Adjudicating Authority that retaining ex-IRP in IA-

4527/2025 would be relevant to assist the court on the decision taken by him

during time that ex-IRP discharge its function. The said submission was not

accepted and Adjudicating Authority rejected the application. Adjudicating

Authority while rejecting the application made following observations:-

"In this regard, we observe that the IRP who is appointed in the Insolvency Proceedings of any Corporate Debtor works as an officer of the Court and under the overall roles and responsibilities assigned to him under the code and the applicable Regulations. Once the IRP/RP becomes functus officio and has no role to play in the subsequent proceedings."

3. Admittedly, the new IRP has come into place who has to conduct CIRP

proceeding including replying all issues which were raised by the applicant or

other stakeholders. The Adjudicating Authority has directed that ex-IRP be

replaced by the present RP in the IA- 4527 of 2025 and to that extent the

application was allowed and amendment was directed to be carried out.

4. Ld. Counsel for the appellant contended that there were certain

allegations against the ex-IRP and his presence was required to answer those

allegations. When in the CIRP IRP has been replaced by the RP, it is the

incumbent RP who is to answer to allegations and all pleas and we do not find

any error in the order of Adjudicating Authority permitting the new RP to be

replaced in IA No. 4527 of 2025 and not continuing with the ex-IRP who is

already been replaced thus we do not find any error in the order. Appeal is

dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) harleen/MD

2 of 2 Company Appeal (AT) (Ins) No. 220 of 2026