# In the matter of Intec Capital Limited vs. Rakesh Phull

> NCLAT judgment dated 2026-01-09. Citation: TCN-2026-NCLAT-00025. Intec Capital Limited filed an appeal against the dismissal of its claim as a financial…

- **Court:** NCLAT
- **Order date:** 9 Jan 2026
- **Citation:** TCN-2026-NCLAT-00025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/intec-capital-limited-vs-rakesh-phull-f8a20528

## Summary

### Background

Intec Capital Limited filed an appeal against the dismissal of its claim as a financial creditor by the Adjudicating Authority (Chandigarh Bench). The claim was rejected due to delays in filing and concerns regarding the validity of the debt transfer from Shivam International to the Corporate Debtor, Shivam Continental Private Limited.

## Facts

Intec Capital Limited (Appellant) claimed to be a financial creditor of Shivam Continental Private Limited (Corporate Debtor).

The Adjudicating Authority (Chandigarh Bench) dismissed the Appellant's claim rejection application.

The Appellant had sanctioned loan facilities to M/s Shivam International, which was later taken over by the Corporate Debtor.

The Appellant issued a 'No Dues Certificate' for one loan facility but claimed another loan was still active.

The Resolution Professional (RP) rejected the Appellant's claim, stating that the loan was granted to a proprietorship firm and not the Corporate Debtor.

The RP also cited delays in filing the claim and the absence of the loan in the initial takeover agreement between Shivam International and the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Appellant's claim as a financial …

**Ratio:** The NCLAT upheld the rejection of the claim due to undue delay in challenging the RP's

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**Reasoning:** The Appellant did not challenge the rejection of its claim by the RP for almost a year.

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**Interpretation:** The NCLAT emphasized the importance of timely action in challenging decisions

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**Application:** The principle of timely action was applied to the facts of the case, leading to

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## Parties

- **Judges:** N. Sesha…; Arun Ba…
- **Appellants:** Intec Capital…
- **Respondents:** Shivam Continental…; Rakesh…
- **Other parties:** Shalu K…; Mr Rajiv K…
- **Advocates:** Rachit M…; Manish…; +6 more

## Timeline

- **2023-02-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2023-02-25 — Public Annou…**: Interim Resolution Professional issued a public announcement in Form-A with the last date…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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