IBBI cites procedural lapses in BCC Infrastructures insolvency case

This is a disciplinary order issued by the Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee regarding the conduct of Insolvency Professional Mr. Harish Taneja during the Corporate Insolvency Resolution Process (CIRP) of BCC Infrastructures Private Limited. It matters to citizens as it addresses allegations of procedural irregularities and lack of transparency in the handling of a corporate insolvency case involving homebuyers.

Who it concerns: The order concerns Mr. Harish Taneja (Insolvency Professional), the Insolvency and Bankruptcy Board of India (IBBI), the Committee of Creditors (CoC) of BCC Infrastructures Private Limited, the Authorized Representative (AR) of homebuyers, and the Resolution Applicant (M/s Civitech Developers Private Limited).

What the Board found or ordered

• The Disciplinary Committee (DC) is disposing of a Show Cause Notice (SCN) issued to Mr. Harish Taneja for alleged contraventions of the Insolvency and Bankruptcy Code, 2016, and related regulations.
• The primary allegation is that Mr. Taneja favored one Resolution Applicant and failed to provide necessary financial information to other stakeholders, specifically the AR of homebuyers, before proceeding with voting on the resolution plan.
• The DC found that Mr. Taneja provided assurances to the Successful Resolution Applicant (SRA) to prevent the withdrawal of their plan, which the DC stated is not within the RP's authority and compromised impartiality.
• The DC noted that Mr. Taneja proceeded with voting despite pending requests for financial statements from the AR, depriving homebuyers of a meaningful opportunity to evaluate the plan's viability.
• Mr. Taneja submitted that he shared all relevant documents with the CoC and AR, that the AR failed to cast a vote within the extended window, and that his communications with the SRA were clarificatory rather than assurances.
• The text provided contains the background, allegations, findings of the DC regarding the contraventions, and Mr. Taneja's submissions, but does not contain the final penalty or final disposition of the case.

Also in the document

• The case involves the CIRP of BCC Infrastructures Private Limited, admitted by the NCLT New Delhi on 17.01.2024.
• Mr. Taneja was appointed as Interim Resolution Professional and later confirmed as Resolution Professional.
• A personal hearing was held virtually on 09.04.2026, and additional written submissions were made by Mr. Taneja up to 16.07.2026.
• The DC cited Regulation 39(3) of the CIRP Regulations, which mandates the IP to place plans before the CoC for evaluation of feasibility and viability.
• Mr. Taneja argued that the AR failed to fulfill statutory obligations under Regulation 16A of the CIRP Regulations, including not presenting plans to homebuyers and not seeking their views.