# DCB Bank Ltd vs. Kalka Home Developers Pvt. Ltd.

> NCLT judgment dated 2026-07-03. Citation: TCN-2026-NCLT-00705. DCB Bank Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Kalka Home…

- **Court:** NCLT
- **Order date:** 3 Jul 2026
- **Citation:** TCN-2026-NCLT-00705
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/dcb-bank-ltd-vs-kalka-home-developers-pvt-ltd-oi3m6

## Summary

### Background

DCB Bank Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Kalka Home Developers Pvt. Ltd. under Section 7 of IBC. Subsequently, IA-3749/ND/2025 was filed by Sh. Deepak Mangla, a suspended director of the Corporate Debtor, alleging serious material irregularities and fraudulent conduct by the Resolution Professional (Sh. Mukesh Gupta) during the CIRP. These allegations included tampering with the voting process, siphoning off assets, illegal transfer of land, non-inclusion of assets in the information memorandum, and connivance with other suspended directors and individuals. IA-5128/ND/2025 sought the dismissal of the resolution plan (IA-32/ND/2025) and the removal of the RP.

## Facts

DCB Bank Ltd is the Applicant/Petitioner in the main case under Section 7 of IBC, 2016.

Kalka Home Developers Pvt. Ltd is the Respondent and Corporate Debtor.

IA-3749/ND/2025 was preferred by Sh. Deepak Mangla, Suspended Director of Kalka Home Developers Pvt. Ltd.

IA-3749/ND/2025 raises issues concerning the conduct of Sh. Mukesh Gupta, Resolution Professional (Respondent No. 1).

The RP allegedly tampered with the entire voting process to achieve a favourable 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 make the assets of the Corporate Debtor recoverable, causing benefit to the suspended directors.

…

## Issues and analysis

### Issue 1: Whether the Resolution Professional committed material irregularities and fraudulent conduct during …

**Ratio:** The NCLT found serious allegations of professional misconduct and material irregularities

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**Reasoning:** The applicant (suspended director) provided detailed allegations, including tampering

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**Interpretation:** Professional misconduct and material irregularities by an RP are grave breaches

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**Application:** The NCLT's decision to reject the resolution plan, remove the RP, and direct

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## Parties

- **Judges:** Sh. Ashok Kumar…; ATUL CHAT…
- **Appellants:** DCB Ban…; Sh. Deepak…
- **Respondents:** Kalka Home…; Mukesh…; +4 more
- **Other parties:** Committee of…; Sh. Yogesh…; +5 more
- **Advocates:** Palash S. S…; Harshal S…; +10 more

## Timeline

- **2024-12-13 — Payment to Ha…**: Applicant paid Rs. 5 Lakh to Hari Singh…
- **2024-12-17 — CIRP Period…**: The CIRP period of 330…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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