Case Details
Case Name: Canara Bank vs. B.K. Roy Private Limited & Mahesh Chand Gupta, Resolution Professional
Additional Application: Jiyaruddin Middya vs. Mahesh Chand Gupta, Resolution Professional
Court/Authority: National Company Law Tribunal (NCLT)
Case Numbers: I.A. (IBC) (LIQ.) NO. 21/KB/2025 and I.A. (IB) NO. 110/KB/2026 in COMPANY PETITION (IB) NO. 41/KB/2024
Date of Order: 22.05.2026
Period of CIRP: Commenced on 27.11.2024, exceeded 320-day statutory limit
Parties Involved
Financial Creditors: Canara Bank (83% voting share), Bajaj Finance Limited (17% voting share)
Corporate Debtor: B.K. Roy Private Limited
Resolution Professional: Mahesh Chand Gupta
Applicant in IA 110/KB/2026: Jiyaruddin Middya (Operational Creditor)
Newly Appointed Liquidator: CA Sanjay Kumar Poddar (IBBI/IPA-001/IP-P01802/2019-2020/12759)
Hon'ble Members: Smt. Bidisha Banerjee (Member Judicial), Ms. Rekha Kantilal Shah (Member Technical)
Issues / Allegations / Violations
The primary issue was the failure of the Corporate Insolvency Resolution Process (CIRP) for B.K. Roy Private Limited. No resolution plans were received from two Prospective Resolution Applicants (M/s Rearco Private Limited and M/s Sathvik Mahadevu Boorugu) despite the process exceeding the 320-day outer statutory time limit. The CIRP commenced on 27.11.2024 and the 180-day period expired on 26.05.2025, requiring extensions.
A separate application was filed by operational creditor Jiyaruddin Middya seeking condonation of 75 days delay in filing his claim of Rs. 11,27,897.50 for agricultural seeds supplied from 2010 to 2023, which was rejected by the Resolution Professional as filed beyond the statutory period.
Findings & Observations
The Tribunal found that the CIRP had exceeded the statutory timeframe considerably with no resolution plan received. The Committee of Creditors (CoC) approved liquidation with 83% votes (Canara Bank) in favor during the 8th CoC meeting held on 21.08.2025, with voting concluding on 03.11.2025 after multiple extensions requested by Canara Bank.
Regarding the operational creditor's application, the Tribunal observed that condoning the delay at this belated stage would materially impact the CIRP and hinder its time-bound completion, especially since the resolution for liquidation had already been passed.
Penalties / Settlements / Directions
The Tribunal ordered liquidation of B.K. Roy Private Limited under Section 33 of the Insolvency & Bankruptcy Code, 2016.
Appointed CA Sanjay Kumar Poddar as liquidator with contact details: Phone 9830047033/9433047033, Email poddar.sanjay@gmail.com. The liquidator must submit consent within 10 days of receiving the order.
The erstwhile Resolution Professional must hand over all papers and documents to the liquidator within 10 days.
All powers of the Board of Directors and key managerial persons ceased and vested in the liquidator under Section 34(2) of the Code.
Corrective Actions & Future Obligations
The liquidator must initiate the liquidation process under Chapter III of the Code and the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
Public notice must be issued in newspapers stating the corporate debtor is in liquidation.
Personnel of the corporate debtor must extend all assistance and cooperation to the liquidator.
No suit or legal proceeding can be instituted against the corporate debtor except by the liquidator with prior approval of the Adjudicating Authority.
The liquidation order serves as a notice of discharge to officers, employees and workmen except to the extent business continues during liquidation.
The liquidator must file a copy of the order with the Registrar of Companies, West Bengal.
Final Ruling & Enforcement
I.A. (IBC) (LIQ.) NO. 21/KB/2025 was allowed and the corporate debtor was ordered to be liquidated.
I.A. (IB) NO. 110/KB/2026 was dismissed as infructuous but the applicant was granted liberty to put forth his claim before the liquidator, who shall consider it in accordance with liquidation process rules and regulations.
The main Company Petition (IB) NO. 41/KB/2024 is scheduled for filing of Periodical Progress Report on 24.08.2026.
The Registry was directed to send email copies of the order to all parties and their counsel.