# InCred Value Plus Private Limited vs. Atum Capital Private Limited

> NCLT judgment dated 12 Jan 2026. Citation: TCN-2026-NCLT-00039. InCred Value Plus Private Limited (Operational Creditor) filed an application under Section 9…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/incred-value-plus-private-limited-vs-atum-capital-private-limited-ux057

## Summary

### Background

InCred Value Plus Private Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Atum Capital Private Limited (Corporate Debtor) seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The claim for default amounted to Rs.3,42,24,312.75, with the alleged date of default being 02.05.2025. This dispute arose from a Share Purchase Agreement (SPA) dated 08.02.2025, wherein the Corporate Debtor agreed to sell 50,000 unlisted equity shares of National Stock Exchange of India Limited (NSE) to the Operational Creditor for a total consideration of Rs.7,95,00,000/-. The Operational Creditor had paid the entire consideration, but the Corporate Debtor failed to transfer all the agreed-upon

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## Facts

InCred Value Plus Private Limited (Applicant/Operational Creditor) filed a Section 9 IBC application against Atum Capital Private Limited (Corporate Debtor) on 26.08.2025.

The application sought to initiate CIRP for a default amount of Rs.3,42,24,312.75, with the date of default stated as 02.05.2025.

The Applicant and CD entered into a Share Purchase Agreement (SPA) on 08.02.2025 for the sale of 50,000 unlisted NSE equity shares for Rs.7,95,00,000/-.

The Applicant remitted the full consideration in two tranches: Rs.2,38,77,428/- on 07.02.2025 and Rs.5,57,13,997/- on 19.02.2025, which the CD acknowledged.

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## Issues and analysis

### Issue 1: Whether the claim arising from the non-delivery of shares and the subsequent obligation to refund …

**Ratio:** The Supreme Court in Consolidated Construction Consortium Limited v. Hitro Energy

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**Reasoning:** The NCLT found the CD's interpretation of Section 5(21) to be unduly narrow. It clarified

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**Interpretation:** The NCLT broadly interpreted "operational debt" to include claims

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**Application:** In this case, the Applicant paid for shares (goods) that were not fully

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** InCred Value Plus…
- **Respondents:** Atum Capital…
- **Other parties:** Insolvency and…; Corporate…; +7 more

## Timeline

- **2025-02-08 — Share Purchase…**: The Applicant and the CD entered into a Share Purchase Agreement for the sale of 50,000…
- **2025-02-07 — First Tranche…**: The Applicant remitted Rs.2,38,77,428/- as the first tranche of the Sale Consideration to…

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