# Bank of India vs. Shree Badri Kedar Udyog Private Limited

> NCLT judgment dated 2026-10-13. Citation: TCN-2026-NCLT-01204. Bank of India, as a Financial Creditor, initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 13 Oct 2026
- **Citation:** TCN-2026-NCLT-01204
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/shree-badri-kedar-udyog-private-limited-m0i6h

## Summary

### Background

Bank of India, as a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Shree Badri Kedar Udyog Private Limited (Corporate Debtor) under Section 7 of the IBC, 2016. The NCLT admitted the application and appointed Ms. Rachna Jhunjhunwala as Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP). Public announcements were made, and claims were invited, with Bank of India being the sole Financial Creditor holding 100% voting share. Despite inviting Expressions of Interest (EoI) through Form G, no resolution plan was received. Valuers assessed the Corporate Debtor's assets at NIL value. A Transaction Auditor's report led to an application for recovery of Rs. 23,08,99,230/-. The RP also filed applications

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## Facts

Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Badri Kedar Udyog Private Limited.

The NCLT admitted the application on 05.02.2026 and appointed Ms. Rachna Jhunjhunwala as Interim Resolution Professional (IRP).

Ms. Rachna Jhunjhunwala was confirmed as Resolution Professional (RP) in the 1st CoC Meeting.

A public announcement under Regulation 6(1) of CIRP Regulations was published in "Morning India" (English) and "Sanmarg" (Hindi).

The last date for submission of claims was 19.02.2026.

Bank of India was the sole Financial Creditor, holding 100% of the voting share.

The Committee of Creditors (CoC) was constituted under Section 21 of the Code on 05.03.2026.

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## Issues and analysis

### Issue 1: Whether the delay of three days in filing the …

**Ratio:** The prayer for condonation of the three-day

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**Reasoning:** The order states that "Prayers as sought for in IA(IBC)(LIQ.)/18(KB)2026 filed by

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**Interpretation:** The Adjudicating Authority, in its discretion, found sufficient cause to

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**Application:** The three-day delay in filing the liquidation application by the Resolution

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## Parties

- **Judges:** BIDISHA BANERJEE,…; REKHA KANTILAL…
- **Appellants:** Bank of…; Rachna Jhunjhunwal…
- **Respondents:** Shree Badri Kedar…
- **Other parties:** Udit Ag…
- **Advocates:** Mr.Shaunak…; Shreya Cho…

## Timeline

- **1970 — Establishment of Bank…**: Bank of India constituted under the Banking Companies (Acquisition and Transfer of…
- **2015-04-01 — Start of Transaction…**: Beginning of the period covered by…

## 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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