The Calcutta-bench of National Company Law Tribunal ( NCLT ) appointed a new resolutional professional (RP) of Incab Industries on Wednesday setting in motion a renewed effort at reviving the ailing steel city-based cable manufacturing company.

The new RP, Pankaj Kumar Tibrewal, replaces Shashi Agarwal, the erstwhile RP- cum- liquidator who was removed by an order of National Company Law Appellate Tribunal ( NCLAT), New Delhi early this month.

Wednesday's virtual NCLT proceedings were attended by Kumar Anurag Singh, who appeared on behalf of the liquidator (Shashi Agarwal) and informed NCLT judges that it shouldn't pass any orders as they had filed a special leave petition (SLP) before the Supreme Court challenging the NCLAT order.

But, the NCLT bench declined to entertain their prayers.

Talking to The Telegraph Online, Akash Sharma, the advocate on record who appeared on behalf of Jamshedpur workers, said NCLT passed the order appointing Tibrewal as the new RP in the absence of any stay from Supreme Court. "With this, fresh efforts will be made by the resolution professional through an impartial and fair manner to revive the company," said Sharma.

Rishav Banerjee, a senior advocate representing Jayanta Banerjee, the main appellant in the case and an employee of Incab's Calcutta-based headquarters, also appeared in the virtual proceeding.

Notably, NCLAT- New Delhi , while pronouncing its verdict on June 4, had quashed the liquidation order of Incab Industries earlier passed by NCLT-Calcutta and directed the latter to appoint a new RP and verify claims of creditors, excluding Kamla Mills and Fasqua Investments and to carry on with the resolution process under the Insolvency & Bankruptcy Code (IBC) and find a new buyer for the ailing company.

NCLAT had also sought action against the erstwhile resolution professional and referred the matter to The Insolvency and Bankruptcy Board of India ( IBBI)

Incab was referred to the erstwhile Board for Industrial and Financial Reconstruction ( BIFR ) in 1999. It was admitted for corporate insolvency resolution on August 7, 2019. In the intervening years, attempts were made to revive Incab, which used to make cables for power transmission. A number of companies, including Tata Steel, were interested in its takeover.

In the mid-1990s, Malaysian promoter Leader Universal Berhad Cables took over the company. But, the company started suffering losses and slid deeper in the red and had to be referred to the erstwhile BIFR. Since then, Incab employees have been deprived of their monthly salary and other benefits.