# In the matter of BSR DIAGNOSTIC LIMITED

> NCLT judgment dated 2026-02-03. Citation: TCN-2026-NCLT-00102. The application IA (IB) No. 17/CB/2026 was filed under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 Feb 2026
- **Citation:** TCN-2026-NCLT-00102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/bsr-diagnostic-limited-d9786f53

## Summary

### Background

The application IA (IB) No. 17/CB/2026 was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 31A (11) of IBBI (Liquidation Process) Regulations, 2016 and Rule 11 of the NCLT Rules, 2016 by the liquidator for replacement of the present liquidator.

## Facts

Axis Bank Ltd. filed an application under Section 7 of the IBC against BSR Diagnostic Ltd.

The liquidator filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 for the replacement of the present liquidator.

The reason for the replacement of the liquidator was the health condition of Mr. Hemant Sharma.

Mr. Rajesh Gupta, an Insolvency Professional, was appointed as the new liquidator.

Mr. Hemant Sharma was directed to handover all records to Mr. Rajesh Gupta within seven days.

SCC was directed to make all the dues pending with regard to the liquidation cost and remuneration of the liquidator within two weeks.

…

## Issues and analysis

### Issue 1: Whether the application for replacement of the liquidator, Mr. Hemant Sharma, with Mr. Rajesh …

**Ratio:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 31A (11)

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**Reasoning:** The application was filed citing the health condition of the current liquidator, Mr.

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**Interpretation:** The court interpreted the relevant provisions to allow for the replacement of a

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**Application:** The court applied the provisions and allowed the replacement of Mr. Hemant

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Axis Ban…; Liquid…
- **Respondents:** BSR Diagnostic…
- **Other parties:** Rajesh…; Hemant S…
- **Advocates:** Shaunak…; Dripto Ma…; +3 more

## Timeline

- **2026-02-03 — Order Da…**: The order was issued on…
- **N/A — Handover of…**: Mr. Hemant Sharma is directed to handover the entire record to Mr. Rajesh Gupta within…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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