# In the matter of Shilpi Cable Technologies Ltd. Vs. Macquarie Bank Ltd. CA (AT) Nos. 101 & 102-2017

> NCLAT judgment dated 2018-08-08. Citation: TCN-2018-NCLAT-00160. Macquarie Bank Ltd. initiated applications under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLAT
- **Order date:** 8 Aug 2018
- **Citation:** TCN-2018-NCLAT-00160
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shilpi-cable-technologies-ltd-vs-macquarie-bank-ltd-ca-06dd0d32

## Summary

### Background

Macquarie Bank Ltd. initiated applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, which were admitted by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. The orders were challenged before the Appellate Tribunal, which set them aside. Macquarie Bank Ltd. then appealed to the Supreme Court, which remitted the appeals. The Resolution Professional filed a petition for clarification on computing the 180-day resolution process period.

## Facts

Macquarie Bank Ltd. initiated insolvency proceedings against Shilpi Cable Technologies Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted these applications. Shilpi Cable Technologies Ltd. appealed to the National Company Law Appellate Tribunal (NCLAT), which initially set aside the Adjudicating Authority's orders. Macquarie Bank Ltd. then appealed to the Supreme Court, which remitted the matter back to the NCLAT. Shilpi Cable Technologies Ltd. argued that the agreement between the parties was governed by English law and that no amount was due. The appeals were filed by the Corporate Debtor through its suspended Board of Directors. The Supreme Court had previously ruled on the maintainability of such appeals in

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## Issues and analysis

### Issue 1: Whether the Respondent was barred from initiating the proceeding under ‘I&B Code' due to the …

**Ratio:** The substantive provisions of the ‘I&B Code' allow the Respondent to file an

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**Reasoning:** The court reasoned that the existence of an arbitration provision in the agreement does

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**Interpretation:** The ‘I&B Code' takes precedence over contractual agreements regarding

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**Application:** The court applied this principle to the case, holding that the Respondent was

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## Parties

- **Judges:** S.J. Mukhop…; Balvinder…
- **Appellants:** M/s Shilpi Cable…
- **Respondents:** Shilpi Cable…; Macquarie Bank…
- **Advocates:** Vivek S…; Yash P…; +1 more

## Timeline

- **2017-05-24 — Orders passed by…**: Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi,…
- **2017-08-01 — Appellate Tribu…**: Appellate Tribunal set aside the orders…

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