# 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-04472. 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-04472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kolkata-conductor-cable-pvt-ltd-cpib-no-145-kb-2018-e4f9359a

## 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). The RP filed a final progress report on March 5, 2019, seeking liquidation due to the absence of a resolution plan.

## Facts

Oriental Bank of Commerce, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kolkata Conductor & Cable Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was admitted on September 11, 2018. Mr. Raj Singhania was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP faced significant non-cooperation from the Corporate Debtor, its directors, and auditors, who failed to provide necessary documents and access to assets. The RP filed a final progress report on March 5, 2019, seeking liquidation due to the absence of a resolution plan. The Committee of Creditors (CoC) deliberated on the progress and

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## Issues and analysis

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

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

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**Reasoning:** The Committee of Creditors deliberated on the progress and suggested liquidation. The RP

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**Interpretation:** Section 33(1)(a) mandates liquidation when the CIRP fails to produce a

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**Application:** Given the absence of a resolution plan and the non-cooperation from the

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## Parties

- **Judges:** Jinan…
- **Respondents:** Kolkata Conductor…

## Timeline

- **2018-09-11 — Admission of Ap…**: The Tribunal admitted the application filed by Oriental Bank of Commerce under Section 7…
- **2018-09-11 — Appointment…**: Mr. Raj Singhania was appointed as the…

## 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)

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