# In the matter of Ruby Cables Ltd. C.P. (IB) 45-10-NCLT-AHM-2017

> NCLT judgment dated 2018-02-05. Citation: TCN-2018-NCLT-01874. The case involves an application filed by the Resolution Professional (RP) seeking an order of…

- **Court:** NCLT
- **Order date:** 5 Feb 2018
- **Citation:** TCN-2018-NCLT-01874
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ruby-cables-ltd-cp-ib-45-10-nclt-ahm-2017-2dcc0b88

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking an order of liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s. Ruby Cables Ltd. (Corporate Debtor) under section 10 of the IBC, with the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (COC) resolved for closure of the process in its seventh meeting held on 19.01.2017 and instructed the RP to move an application for initiation of liquidation. The period of 180 days for arriving at a resolution plan has also expired.

## Facts

M/s. Ruby Cables Ltd. (Corporate Debtor) initiated CIRP under section 10 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) in its seventh meeting on 19.01.2017 resolved to close the CIRP and instructed the Resolution Professional (RP) to apply for liquidation. The 180-day period for arriving at a resolution plan expired on 29.01.2018. The RP then filed an application under section 33(2) of the IBC seeking an order for liquidation. The Adjudicating Authority considered these facts and the provisions of the IBC to decide on the liquidation application.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. Ruby …

**Ratio:** When the Committee of Creditors (COC) resolves for closure of the Corporate Insolvency

…

**Reasoning:** The Adjudicating Authority considered the resolution of the COC in its seventh meeting

…

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

…

**Application:** In this case, the COC had resolved for closure, and the 180-day period had

…

## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Appellants:** Pinakin S…
- **Respondents:** Ruby Cable…; Bank of B…
- **Advocates:** Avtarsingh…

## Timeline

- **2017-01-19 — COC Meet…**: The Committee of Creditors (COC) in its seventh meeting resolved for closure of the…
- **2018-01-29 — Expiry of Resolution…**: The period of 180 days provided for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — 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/ruby-cables-ltd-cp-ib-45-10-nclt-ahm-2017-2dcc0b88