# In the matter of Crystal Cable Industries Limited IA No.217-KB-2021in CP (IB) No.1348-KB-2019

> NCLT judgment dated 2021-05-28. Citation: TCN-2021-NCLT-02089. Meti Finance Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against…

- **Court:** NCLT
- **Order date:** 28 May 2021
- **Citation:** TCN-2021-NCLT-02089
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/crystal-cable-industries-limited-ia-no217-kb-2021in-cp-ib-no1348-kb-2019-25b35d8c

## Summary

### Background

Meti Finance Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Crystal Cable Industries Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority ordered the initiation of CIRP on 11/02/2020. Mr. Mahesh Chand Sharma was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anil Anchalia replaced Mr. Mahesh Chand Gupta as the Resolution Professional (RP). Invitation for Expression of Interest (EoI) was published, and two Resolution Plans were received. However, neither plan was approved by the Committee of Creditors (CoC).

## Facts

Meti Finance Private Limited initiated CIRP against Crystal Cable Industries Limited. The CIRP was initiated on 11/02/2020. Mr. Mahesh Chand Sharma was appointed as IRP, later replaced by Mr. Anil Anchalia. Invitation for EoI was published, and two Resolution Plans were received from Supreme & Co. Pvt. Ltd. and Laxmi Global Private Limited. Laxmi Global Private Limited's submission of EOI was delayed, but the delay was condoned by the Adjudicating Authority. The CIRP period was extended by 60 days. The CoC did not approve either of the Resolution Plans. In the 13th CoC meeting, Bank of Baroda proposed liquidation. In the 14th CoC meeting, a resolution for liquidation was passed with 96.70% voting share. The RP filed IA No. 217/KB/2021 for liquidation. The RP

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed given the CoC's …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating

…

**Reasoning:** The CoC resolved to liquidate the Corporate Debtor with 96.70% voting share, which

…

**Interpretation:** Section 33(2) provides a mechanism for the CoC to opt for liquidation if they

…

**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor with 96.70%

…

## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Meti Finance…
- **Respondents:** Crystal Cable…

## Timeline

- **2020-02-11 — Initiation…**: Adjudicating Authority ordered initiation of CIRP against Crystal Cable Industries…
- **2020-02-14 — Public Annou…**: Public announcement made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

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/crystal-cable-industries-limited-ia-no217-kb-2021in-cp-ib-no1348-kb-2019-25b35d8c