And

I.A. (IB) No. 1212/KB/2025

In

Company Petition (IB) No. 37/KB/2024

Applications under Section 60 (5) read with Section 65 of the

Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the

National Company Law Tribunal Rules, 2016.

IN THE MATTER OF:

CANARA BANK & ORS. … Financial Creditors.

Versus

GUPTA POWER INFRASTRUCTURE LIMITED

… Corporate Debtor.

And

IN THE MATTER OF:

Gupta Power Infrastructure Limited

… Applicant

Versus

Canara Bank & Ors.

… Respondents.

Date of Pronouncement: September 26, 2025.

CORAM:

SMT. BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL)

CMDE. SIDDHARTH MISHRA, HON’BLE MEMBER (TECHNICAL)

APPEARANCE:

For the Financial Creditor: Mr. Ratnanko Banerji, Sr. Adv.

Mr. Supriyo Mahapatra, Adv.

Mr. Kaushik Dey, Adv.

Ms. K. Rahman, Adv.

Mr. N. Pandey, Adv.

For the Corporate Debtor: Mr. Joy Saha, Sr. Adv.

Mr. Shaunak Mitra, Adv.

Mr. Rishav Banerjee, Adv.

Mr. Supriyo Banerjee, Adv.

Mr. Tanay Agarwal, Adv.

I.A. (IB) No.1212/KB/2025 In C.P. (IB) NO.37/KB/2024

ORDER

Per: Bidisha Banerjee, Member (Judicial)

1. Heard Ld. Sr. Counsels for the parties.

2. Both the applications being I.A. (IB) No. 1977/KB/2024 and I.A. (IB) No. 1212/KB/2025 have been preferred by the Gupta Powers, the corporate debtor herein, against the Consortium of Banks led by the Canara Bank, the Financial Creditors herein, seeking the dismissal of the Section 7 petition of the financial creditors.

3. The primary arguments have been advanced by the Learned Senior Counsel Mr. Joy Saha appearing for the Corporate Debtor, the applicant herein is that the classification of the corporate debtor’s account has Non-Performing Assets, hereinafter referred to as “NPA” is erroneous and in the present Case of the financial creditors, there is no date of default and thus, the instant Section 7 petition deserves dismissal.

4. Mr. Saha would submit that from Part IV, Form-1 of the company petition, it is apparent that the financial creditors have mentioned the date of default as 30.09.2023 for the Canara Bank, PNB and UCO Bank. Further, for the Union Bank of India, the date of default is 28.09.2023; for Bank of India, it is 25.09.2023; for Bank of Maharashtra, it is 29.08.2023; and for Indian Bank, it is 24.09.2023; and consequently, the same are being alleged as a date of NPA with the respective financial creditors.

I.A. (IB) No.1212/KB/2025 In C.P. (IB) NO.37/KB/2024

5. It is further submitted that the financial creditors have included the respective dates of a loan recall notices and the respective dates of notices issued under Section 13(2) of the SARFAESI Act, 2002, by each financial creditor as the date of defaults and as such, the financial creditors have submitted multiple dates of default in their Section 7 petition. Thus, it is submitted that on this ground only, the said Section 7 petition is liable to be dismissed as it is a settled position that in a single Section 7 petition, multiple dates of default cannot be applicable.

6. Mr. Saha would assert that the classification of the accounts of the corporate debtor as NPA by different banking entities, who are the petitioners in the section 7 petition, is completely de hors and is contrary to the RBI’s guidelines and circulars. It is submitted that for the purpose of classifying the accounts of the debtor as NPA, the banking entities who are the financial creditors herein are statutorily obligated to scrupulously adhere to and comply with the Masters Circulars issued by the Reserve Bank of India and the RBI’s Guidelines Prudential Norms on Income Recognition and Asset Classification, an account has to be clearly overdrawn for a continuous period of 90 days for classifying it as NPA.

7. It is further asserted that the financial creditors herein, through the lead banker, Canara Bank, have alleged in their section 7 petition that the overdue fell for clearance on and from 30.09.2023 for Canara Bank, 30.09.2023 for PNB and 30.09.2023 for UCO I.A. (IB) No.1212/KB/2025 In C.P. (IB) NO.37/KB/2024 Bank. In order to classify the account as NPA as well as to