# State Bank of India through RP Mr. Purusottam Behera vs. Mr. Anurag P. Gupta

> NCLT judgment dated 2026-09-02. Citation: TCN-2026-NCLT-00996. State Bank of India, as a Financial Creditor, initiated insolvency resolution proceedings…

- **Court:** NCLT
- **Order date:** 2 Sept 2026
- **Citation:** TCN-2026-NCLT-00996
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/state-bank-of-india-vs-gupta-energy-private-limited-n8kaj

## Summary

### Background

State Bank of India, as a Financial Creditor, initiated insolvency resolution proceedings against Mr. Anurag P. Gupta, a Personal Guarantor of Gupta Energy Private Limited, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. Mr. Purusottam Behera was appointed as the Resolution Professional (RP). After admitting the application under Section 100, the RP invited claims from creditors and subsequently prepared a list of creditors. A repayment plan submitted by the Personal Guarantor was placed before the creditors for their consideration and e-voting.

## Facts

State Bank of India initiated insolvency resolution proceedings against Mr. Anurag P. Gupta, Personal Guarantor of Gupta Energy Private Limited, under Section 95(1) of the Code.

Mr. Purusottam Behera was appointed as the Resolution Professional (RP) on 25.10.2024 to submit a report under Section 99 of the Code.

The Tribunal admitted the application under Section 100 of the Code and initiated the Insolvency Resolution Process against the Personal Guarantor on 24.04.2025.

A public notice inviting claims from creditors was issued on 06.05.2025, with the last date for submission of claims being 27.05.2025.

The RP collated and verified claims, preparing a list of creditors in compliance with Section 104 of the Code.

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## Issues and analysis

### Issue 1: Whether the repayment plan submitted by the Personal Guarantor was approved by the requisite …

**Ratio:** Section 111 of the Insolvency and Bankruptcy Code, 2016, mandates that a repayment plan

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**Reasoning:** The Scrutinizer's Report on Voting dated 08.08.2026 confirmed that 84.51% of the total

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**Interpretation:** The phrase 'more than three-fourths in value' signifies a high threshold for

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**Application:** The repayment plan was rejected as it did not receive the necessary approval

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## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** State Bank of…; Purusottam…
- **Respondents:** Gupta Energy…; Anurag P.…
- **Other parties:** Bank of…; AXIS…; +2 more
- **Advocates:** Bhupendra…

## Timeline

- **2024-10-25 — RP Appoin…**: Tribunal appointed Mr. Purusottam Behera as the Resolution Professional to submit a…
- **2024-12-02 — RP Report Sub…**: Resolution Professional submitted a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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