DCB Bank Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Kalka Home Developers Pvt. Ltd. Subsequently, Sh. Deepak Mangla, a Suspended Director of the Corporate Debtor, filed IA-3749/ND/2025 under Section 60(5) of the IBC, alleging material irregularities and fraudulent conduct by Sh. Mukesh Gupta, the Resolution Professional (RP), and other suspended directors/accomplices. Another application, IA-5128/ND/2025, sought the dismissal of the resolution plan and the removal of the RP. These applications highlighted serious concerns regarding the RP's conduct and the integrity of the CIRP.
IA-3749/ND/2025 was preferred by Sh. Deepak Mangla, Suspended Director of Kalka Home Developers Pvt. Ltd., under Section 60(5) of the IBC.
The application raised issues concerning the conduct of Sh. Mukesh Gupta, Resolution Professional (Respondent No. 1).
The applicant alleged that the RP tampered with the entire voting process to achieve a favorable outcome.
The RP, in connivance with other suspended directors, allegedly siphoned off assets of the corporate debtor and illegally transferred them to relatives/nominees of suspended directors.
The RP allegedly did not include an entire asset of the corporate debtor in the information memorandum.
The applicant, also a suspended director, claimed to have been defrauded by the RP.
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Applicant paid Rs. 5 Lakh (cash) to Hari Singh…
The CIRP period of 330 days had already…
DCB Bank Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Kalka Home Developers Pvt. Ltd. Subsequently, Sh. Deepak Mangla, a Suspended Director of the Corporate Debtor, filed IA-3749/ND/2025 under Section 60(5) of the IBC, alleging material irregularities and fraudulent conduct by Sh. Mukesh Gupta, the Resolution Professional (RP), and other suspended directors/accomplices. Another application, IA-5128/ND/2025, sought the dismissal of the resolution plan and the removal of the RP. These applications highlighted serious concerns regarding the RP's conduct and the integrity of the CIRP.
IA-3749/ND/2025 was preferred by Sh. Deepak Mangla, Suspended Director of Kalka Home Developers Pvt. Ltd., under Section 60(5) of the IBC.
The application raised issues concerning the conduct of Sh. Mukesh Gupta, Resolution Professional (Respondent No. 1).
The applicant alleged that the RP tampered with the entire voting process to achieve a favorable outcome.
The RP, in connivance with other suspended directors, allegedly siphoned off assets of the corporate debtor and illegally transferred them to relatives/nominees of suspended directors.
The RP allegedly did not include an entire asset of the corporate debtor in the information memorandum.
The applicant, also a suspended director, claimed to have been defrauded by the RP.
…Applicant paid Rs. 5 Lakh (cash) to Hari Singh…
The CIRP period of 330 days had already…