# In the matter of Incab Industries Private Limited

> NCLT judgment dated 2025-12-03. Citation: TCN-2025-NCLT-01898. The case involves an interlocutory application filed by the petitioner challenging the decision…

- **Court:** NCLT
- **Order date:** 3 Dec 2025
- **Citation:** TCN-2025-NCLT-01898
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/incab-industries-private-limited-efcbc64d

## Summary

### Background

The case involves an interlocutory application filed by the petitioner challenging the decision of Respondent No. 1 (Resolution Professional) to admit the revised claim of Respondent No. 2. The Corporate Debtor, Incab Industries Limited, was admitted into CIRP on 7th August 2019, and subsequently ordered for liquidation on 7th February 2020. The liquidation order was challenged and the CIRP process was reinstated by NCLAT on 4th June 2021, leading to the appointment of Mr. Pankaj Kumar Tibrewal as the IRP/RP.

## Facts

Incab Industries Limited was admitted into CIRP on 7th August 2019 and later ordered for liquidation on 7th February 2020.

The liquidation order was challenged, and CIRP was reinstated by NCLAT on 4th June 2021.

Mr. Pankaj Kumar Tibrewal was appointed as the IRP/RP of the Corporate Debtor on 16th June 2021.

Pegasus Assets Reconstruction Private Limited (Respondent No. 2) filed a claim with the Resolution Professional, which was admitted.

The applicant (Jayanta Banerjee) filed an application to quash the decision of the Resolution Professional to admit the claim of Respondent No. 2.

The claim of Respondent No. 2 is based on a deed of assignment dated 8th March 2007 from Leader Universal Holdings Berhad.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional erred in admitting the claim of Respondent No. 2 as a secured …

**Ratio:** The Resolution Professional did not err in admitting the claim of Respondent No. 2 as a

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**Reasoning:** The Resolution Professional verified the claim based on the original registered deed of

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**Interpretation:** The Tribunal interpreted Section 140 of the Indian Contract Act, 1872,

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**Application:** The Tribunal applied the principle of subrogation, stating that Leader Berhad

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Jayanta Ba…
- **Respondents:** INCAB Industries…; Pankaj Kumar…; +1 more
- **Other parties:** Pegasus Assets…
- **Advocates:** D.N. Sh…; Orijit Chat…; +8 more

## Timeline

- **2019-08-07 — CIRP Commen…**: Incab Industries Limited was admitted into…
- **2020-02-07 — Liquidation…**: The Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 18 — Duties of interim resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-18)

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