# In the matter of Incab Industries Limited

> NCLT judgment dated 2025-01-08. Citation: TCN-2025-NCLT-00659. The document pertains to several applications (I.A. (IB) No. 1035/KB/2021, I.A. (IB) No.…

- **Court:** NCLT
- **Order date:** 8 Jan 2025
- **Citation:** TCN-2025-NCLT-00659
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/incab-industries-limited-78573282

## Summary

### Background

The document pertains to several applications (I.A. (IB) No. 1035/KB/2021, I.A. (IB) No. 406/KB/2023, I.A. (IB) No. 1173/KB/2020, RST. A. (IB) No. 16/KB/2022) filed in relation to Company Petition No. (IB) No. 1684/KB/2018 before the National Company Law Tribunal (NCLT), Kolkata. These applications involve allegations of illegalities and fraudulent transactions within the corporate insolvency resolution process (CIRP) of Incab Industries Limited. Bhagwati Singh, representing the workers of Incab Industries, is the primary applicant seeking various reliefs, including the exclusion of certain periods from the CIRP, directions for intervention in other court proceedings, forensic audits, and inquiries into fraudulent activities.

## Facts

Jayanta Banerjee, an Operational Creditor, initiated a Company Petition (IB) No. 1684/KB/2018 against Incab Industries Limited, the Corporate Debtor. Bhagwati Singh, representing 277 workers of Incab Industries Limited, filed multiple applications (I.A. (IB) No. 1035/KB/2021, I.A. (IB) No. 406/KB/2023, I.A. (IB) No. 1173/KB/2020, RST. A. (IB) No. 16/KB/2022) seeking various reliefs related to the CIRP. These reliefs include excluding certain periods from the CIRP timeline due to the actions of the erstwhile IRP/RP/Liquidator Shashi Agarwal, directing the IRP/RP to intervene in proceedings before the Bombay High Court, impleading banks and financial institutions, directing forensic inquiry, inquiring into fraudulent transactions, directing the Special Court to take

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## Issues and analysis

### Issue 1: Whether the time spent by the erstwhile IRP/RP/Liquidator Shashi Agarwal should be excluded from …

**Ratio:** The principle of excluding certain periods from the CIRP timeline is based on the NCLAT's

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**Reasoning:** The NCLT observes that the Hon'ble NCLAT has already excluded the period from 17.12.2019

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**Interpretation:** The interpretation of the NCLAT order is that any time period already excluded

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**Application:** Since the NCLAT has already addressed the exclusion of time, the NCLT finds no

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Bhagwati…
- **Respondents:** INCAB Industries…; Leader Universal…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No. (IB) No. 1684/KB/2018…
- **2019-08-07 — IRP/RP/Liquidator…**: Shashi Agarwal appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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