# In the matter of Cable Corporation of India Ltd. IA-1385-2022 in C.P. (IB)-361(MB)-2021

> Read the full IBC case summary for In the matter of Cable Corporation of India Ltd. IA-1385-2022 in C.P. (IB)-361(MB)-2021. NCLT judgment dated 2022-05-26.…

- **Court:** NCLT
- **Order date:** 26 May 2022
- **Citation:** TCN-2022-NCLT-04760
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cable-corporation-of-india-ltd-ia-1385-2022-in-cp-ib-361mb-2021-673f29e1

## Summary

### Background

The Corporate Debtor was previously directed to pay a balance amount and replace bank guarantees. This hearing addresses the Corporate Debtor's compliance with those directions and requests for extensions.

## Facts

By an order dated March 31, 2022, the Corporate Debtor/Applicant was directed to pay a balance amount of Rs. 23.47 crores along with interest from the due date until the actual payment. Additionally, the Bench directed the Corporate Debtor to replace all bank guarantees totaling Rs. 30.40 crores. The deadline for both the payment and the derisking of bank guarantees was May 15, 2022.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be granted an extension for the payment of the remaining…

**Ratio:** An extension for payment of the remaining balance amount can be granted if most of the…

**Reasoning:** The Bench noted that most of the payment had already been made by the Corporate Debtor.…

**Interpretation:** The court interpreted its discretion to allow a short extension for payment…

**Application:** The Corporate Debtor was allowed to pay the remaining Rs. 7.47 crores by May…

## Parties

- **Judges:** Chandra Bha…; KISHORE VEMULAPALL…
- **Advocates:** For the Applicant…; Ld. Sr. Counsel…; +9 more

## Timeline

- **March 31, 2022 — Previous Orde…**: The Corporate Debtor was directed to pay Rs. 23.47 crores with interest and replace bank…
- **May 15, 2022 — Original De…**: The last date for making the payment and derisking the bank guarantees as per the March…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/cable-corporation-of-india-ltd-ia-1385-2022-in-cp-ib-361mb-2021-673f29e1