# In the matter of Kolkata Conductor & Cable Pvt. Ltd. CP(IB) No. 145-KB-2018

> NCLT judgment dated 2019-03-12. Citation: TCN-2019-NCLT-04479. Oriental Bank of Commerce, the Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 12 Mar 2019
- **Citation:** TCN-2019-NCLT-04479
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kolkata-conductor-cable-pvt-ltd-cpib-no-145-kb-2018-0cfd1d6c

## Summary

### Background

Oriental Bank of Commerce, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kolkata Conductor & Cable Pvt. Ltd., the Corporate Debtor. The Tribunal admitted the application on September 11, 2018, and appointed Mr. Raj Singhania as the Interim Resolution Professional (IRP). The IRP was later confirmed as the Resolution Professional (RP).

## Facts

Oriental Bank of Commerce, as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kolkata Conductor & Cable Pvt. Ltd. The application was admitted on September 11, 2018. The Resolution Professional (RP) faced non-cooperation from the Corporate Debtor, its Directors, and Auditors, who failed to provide necessary documents and access to assets. The RP's attempts to inspect the Corporate Debtor's premises were unsuccessful due to lack of police assistance and denial of entry by security personnel. The Committee of Creditors (CoC) recommended liquidation due to the lack of progress and the expiration of the CIRP period. The RP also expressed unwillingness to continue the proceedings. No valid reason was provided for the RP's

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the lack of a resolution plan and …

**Ratio:** Section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016, allows for the initiation

…

**Reasoning:** The court reasoned that the CIRP period had expired, and there was no prospect of a

…

**Interpretation:** Section 33(1)(a) provides a legal basis for liquidation when CIRP fails. The

…

**Application:** The court applied Section 33(1)(a) to the facts, noting the absence of a

…

## Parties

- **Judges:** Jinan…
- **Appellants:** Oriental Bank of…
- **Respondents:** Kolkata Conductor…

## Timeline

- **2018-09-11 — Admission of Ap…**: The Tribunal admitted the application filed by Oriental Bank of Commerce and initiated…
- **2019-03-05 — RP's Final Progress…**: The Resolution Professional (RP) filed his final progress report, praying for passing an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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/kolkata-conductor-cable-pvt-ltd-cpib-no-145-kb-2018-0cfd1d6c