Authority: National Company Law Appellate Tribunal, Chennai
Order Date: 05.08.2026
Case Overview
The National Company Law Appellate Tribunal (NCLAT) at Chennai heard Company Appeal (AT) (CH) (Ins) No.132/2025 along with IA No.354/2025. The appellants are Rahul Devarabhotla and 9 Others. The respondents are Prasanna Kumar Rath (Resolution Professional of Value Designbuild Pvt. Ltd.) and 2 Others. The learned counsel for the appellants submitted that although they had not been served with a copy of a memo concerning the assignment of debt by M/s. Omkara Assets Reconstruction Pvt Ltd. in favour of M/s. India Resurgence ARC Pvt Ltd., they had subsequently accessed it. Based on this development, the appellants sought time from the tribunal to file a formal application for substitution of the concerned parties in the appeal.
Final Outcome
The two-member bench comprising Justice N Seshasayee (Member-Judicial) and Jatindranath Swain (Member-Technical) allowed the request for an adjournment. The matter was listed for the next hearing on 24th September 2026 to allow the appellants to file their application for substitution.
Topics: Insolvency Appeal, Debt Assignment, NCLAT Procedure