New Delhi/Jamshedpur: The National Company Law Appellate Tribunal (NCLAT) advanced the long-running Incab Industries case on Friday, scheduling the next hearing for April 24 at 2:00 PM after an extensive session.
During the 90-minute hearing, the Principal Bench—comprising Justice Ashok Bhushan and Barun Mitra—heard intense arguments centered on appeals from Tropical Venture and Pegasus Assets Reconstruction Company.
The Core Dispute
The session highlighted a major clash over creditor status:
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Tropical Venture presented detailed submissions to the Bench, seeking formal recognition as a secured creditor.
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Pegasus strongly opposed this plea, arguing that Tropical Venture failed to comply with mandatory RBI guidelines, which Pegasus claims disqualifies them from secured status.
With Tropical Venture and Pegasus now finished with their arguments, the tribunal will hear from Vedanta Limited and the Resolution Professional (RP) during the April session.
Local Impact and High Stakes
The case continues to grip Jamshedpur, especially the former employees of Incab Industries. Ramvinod Singh, General Secretary of the Indian Cable Workers Union, attended the proceedings to monitor developments firsthand.
The final verdict carries massive weight for the defunct cable manufacturer. Current discussions involve a ₹500 crore revival proposal from Vedanta Limited. Stakeholders now view the April 24 hearing as a decisive step toward resolving the company’s future.
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