Replacement of IRP with RP vide NCLT order dated 16.09.2025
Awaiting price reaction for this filing.
The NCLT Chandigarh Bench has replaced the Interim Resolution Professional (IRP), Mr. Hasti Mal Kachhara, with Mr. Umesh Garg as the Resolution Professional (RP) of JCT Ltd, effective by order dated 16.09.2025. The change was approved by the Committee of Creditors (CoC) in its 1st meeting held on 08.07.2025, with 78.77% voting share in favour of the new RP. This development is part of the ongoing Corporate Insolvency Resolution Process (CIRP) against JCT Ltd, which was admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT has directed the outgoing IRP to hand over all records and materials to the newly appointed RP.
This is a procedural step within the ongoing insolvency process and does not change the company's status — JCT Ltd remains under CIRP. Shareholders should note that a transition from IRP to RP typically signals that the CoC is now actively working towards evaluating and finalising a resolution plan, which is a critical milestone that could eventually determine whether the company gets revived or goes into liquidation.