IN

C.P. (IB) NO.41/KB/2024

An Application under Section 60(5) of the Insolvency and

Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016

IN THE MATTER OF:

Canara Bank

….. Financial Creditor

Versus

M/s B. K. Roy Private Limited

….. Corporate Debtor

And

IN THE MATTER OF:

Mahesh Chand Gupta Resolution Professional of M/s B. K. Roy

Private Limited

….. Applicant

Date of Pronouncement: 15^th of December, 2025

CORAM:

SMT. BIDISHA BANERJEE, MEMBER (JUDICIAL)

CMDE SIDDHARTH MISHRA, MEMBER (TECHNICAL)

IN C.P. (IB) NO.41/KB/2024 APPEARANCE:

Mr. R. R. Modi, Adv. ] For Applicant Mr. Jayantaraj Dan Roy, Adv.

Mr. Mahesh Chand Gupta RP in person Ms. Neelima Chatterjee, Adv. ] For SBOD Mr. Riyanshu Agarwal, Adv.

ORDER

Per: Bidisha Banerjee, Member (Judicial):

1. The court convened in hybrid mode.

2. Heard Ld. Counsels for the parties.

3. This Application has been preferred by the Resolution Professional (“RP” in short) of M/s B. K. Roy Private Limited to seek the following reliefs, inter alia:

“(a). Pass an order/order(s) for exclusion of period from 25.08.2025 to 23.10.2025 in terms of the resolution approved by the CoC in its 8th CoC Meeting;

(b). Pass an order for exclusion of the period from 24.10.2025 till the date of filing of application under Section 33(2) of IBC, 2016.”

4. List of dates and sequences of events as provided by way of a Chart is as under:

Dates Particulars 27.11.2024 CIRP Commencement date. 22.01.2025 3rd COC Meeting was held.

25.01.2025 First issue of Form G by Ex-IRP IN C.P. (IB) NO.41/KB/2024 IN C.P. (IB) NO.41/KB/2024

5. At hearing, Ld. Counsel appearing on behalf of the Resolution Professional would submit that the exclusion is sought for on the ground that CIRP initiated on 27.11.2024, despite publication of Form – G twice, no resolution plan was received within a stipulated timeline, the CIRP was extended by 90 days on 16.06.2025 expiring on 24.08.2025 and the 8th CoC Meeting was held on 21.08.2025. The CoC has approved liquidation with 83% voting shares. In view of the fact that 330 days’ period as has been long over and the liquidation has not been voted upon.

6. Thus, an exclusion of 60 days due to delay and data collection and decision making is sought for. It is to be noted that exclusion of time is permitted, for time spent in good faith but jurisdictionally flawed and not otherwise.

7. When proceedings have been preferred before a Forum which did not have jurisdiction the time spent in pursuing the said proceedings but in good faith, can be excluded.

8. It allows only relief for time lost in other proceedings to prevent procedural hurdles from extinguishing substantive rights.

9. In the present matter, exclusion is sought for on the ground that CoC has taken time to decide on approving liquidation of the IN C.P. (IB) NO.41/KB/2024 Corporate Debtor which is not a reasonable ground to seek exclusion.

10. Hence, prayer for exclusion is dismissed. However, an extension of the period is allowed to complete the liquidation process within a period of one year from the date of uploading of this order. 11. However, I.A. (IBC) NO.1766/KB/2025 is disposed of.

12. Certified copy of this order, if applied for with the Registry be supplied to the parties in compliance with all requisite formalities.

Siddharth Mishra Bidisha Banerjee Member (Technical) Member (Judicial)

Signed on this, the 15th day of December, 2025.

S.A.[Steno]