Authority: National Company Law Appellate Tribunal, Chennai (Justice Sharad Kumar Sharma, Member (Judicial) and Jatindranath Swain, Member (Technical))
Order Date: 16 July 2026
Case Overview
The appeal was filed by 3A Capital Services Limited against M/s. NGEF Limited, challenging the rejection of an application seeking impleadment of CanBank as an additional respondent in the company petition. The controversy centers on whether CanBank should be made a party to the proceedings.
The impugned order (para. 8) had rejected the impleadment application on the ground that the original RNCD holder had later stepped into the shoes of CanBank based on an assignment, making CanBank's impleadment unnecessary. The Tribunal had previously ordered the Appellant on 29 April 2026 to place the assignment deed on record.
In compliance with the previous order, the Appellant filed certain documents but failed to produce the assignment deed. The Appellant's counsel argued that no assignment deed actually exists. The Tribunal noted it is not considering this argument at present because the impugned order's finding and the fact of assignment between entities suggest there must have been a deed.
Final Outcome
The Tribunal granted the Appellant another opportunity to either trace and produce the assignment deed or make a specific statement by way of affidavit regarding whether an assignment deed actually exists. The appeal has been adjourned to 1 September 2026 for further proceedings.
Topics: NCLAT Proceedings, Impleadment Application, Assignment Dispute