Replacement of erstwhile Interim Resolution Professional to Resolution Professional vide Hon''ble NCLT order dated 11.11.2025 (Order Received on 19.11.2025)
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Unitech International Ltd, currently under the Corporate Insolvency Resolution Process (CIRP), informed the stock exchange that the NCLT Mumbai Bench-III has ordered the replacement of the existing Interim Resolution Professional (IRP) with Mr. Nitin Narang as the new Resolution Professional (RP), effective from an order dated 11.11.2025 (received on 19.11.2025). The change was made based on the recommendation of the Committee of Creditors (CoC) under Section 9 and Section 22(3)(b) of the Insolvency and Bankruptcy Code, in a petition filed by creditor 4g Plastics Inc. This is a procedural step that moves the company from the interim phase to the active resolution phase, during which a revival plan must be finalised.
For shareholders, this confirms that Unitech International remains under active insolvency proceedings with no resolution plan yet approved. The appointment of a full-time Resolution Professional typically signals that a revival or liquidation plan will be pursued soon. Equity holders face significant uncertainty, as IBC proceedings often result in dilution or loss of value for existing shareholders.