# Mahesh Chand Gupta, Resolution Professional vs. B.K. Roy Private Limited

> NCLT judgment dated 2026-05-22. Citation: TCN-2026-NCLT-00544. B.K. Roy Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 22 May 2026
- **Citation:** TCN-2026-NCLT-00544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/mahesh-chand-gupta-resolution-professional-vs-bk-roy-private-limited-rvy97

## Summary

### Background

B.K. Roy Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 27.11.2024, with CA Avishek Gupta appointed as the Interim Resolution Professional (IRP). A public announcement was made, and claims were received from financial creditors (Canara Bank, Bajaj Finance Limited) and operational creditors (including Eastern Railway). Mahesh Chand Gupta was subsequently appointed as the Resolution Professional (RP). Despite efforts to invite Expressions of Interest (EOI) and identify Prospective Resolution Applicants (PRAs), no resolution plans were received by the prescribed deadline.

## Facts

B.K. Roy Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 27.11.2024.

CA Avishek Gupta was appointed as the Interim Resolution Professional (IRP) on 27.11.2024.

The IRP made a public announcement on 30.11.2024 inviting claims in Form A.

Canara Bank, a secured Financial Creditor, submitted a claim.

The Committee of Creditors (CoC) was constituted on 18.12.2024 with Canara Bank and later reconstituted on 04.01.2025 to include Bajaj Finance Limited.

Canara Bank held an 83% voting share, and Bajaj Finance Limited held a 17% voting share in the CoC.

In the 3rd CoC meeting, Mahesh Chand Gupta was approved as the Resolution Professional (RP) and formally appointed on 18.02.2025.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, B.K. Roy Private Limited, should be ordered for liquidation under …

**Ratio:** The Corporate Debtor is required to be liquidated when the Corporate Insolvency

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**Reasoning:** Despite efforts to invite Expressions of Interest and identify Prospective Resolution

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**Interpretation:** Section 33(2) of the IBC mandates liquidation if the Adjudicating Authority

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**Application:** Given that no resolution plans were received, the CoC approved liquidation, and

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## Parties

- **Judges:** BIDISHA BA…; Rekha Kantilal…
- **Appellants:** Mahesh Chand…; Jiyaruddin…; +2 more
- **Respondents:** B.K. Roy Private…; Mahesh Chand…
- **Other parties:** CoC of B.K. Roy…; Board of Di…; +4 more
- **Advocates:** Prodyut Ba…; Ankit M…; +2 more

## Timeline

- **2024-11-27 — CIRP Commencement & IRP…**: The Corporate Debtor, B.K. Roy Private Limited, was admitted into Corporate Insolvency…
- **2024-11-30 — Public Announcement by…**: The erstwhile IRP made a public announcement inviting claims in Form A as per Regulation…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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