Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi
Order Date: 13 August 2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) heard two connected Company Appeals (AT) (Insolvency) bearing numbers 734 of 2026 and 735 of 2026. Both appeals were filed by Incred Financial Service Ltd. (Appellant) against Resonance Eduventures Ltd. and Others (Respondents). During the hearing, the appellant's counsel, Mr. Kaustav Som, informed the tribunal that the underlying debt, which was the subject matter of the appeals, had been assigned by Incred Financial Service Ltd. to an unspecified Asset Reconstruction Company (ARC). Consequently, the appellant expressed no intention to continue pursuing the appeals and sought their unconditional withdrawal.
Final Outcome
The NCLAT bench, comprising Officiating Chairperson Justice Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra, accepted the appellant's submission. Both appeals were dismissed as withdrawn unconditionally. Additionally, seven pending Interlocutory Applications (IAs) linked to these appeals—specifically IA Nos. 2866, 2865, 2864, 2744, 2862, 2863, and 2861 of 2026—were also disposed of by the tribunal.
Topics: Insolvency Proceedings, Debt Assignment, NCLAT Order