# In the matter of Shilpi Cable Technologies Ltd. (IB)-64-(PB)-2017

> NCLT judgment dated 2018-10-11. Citation: TCN-2018-NCLT-00601. Macquarie Bank Ltd. filed an application against Shilpi Cable Technologies Ltd. under Section 9…

- **Court:** NCLT
- **Order date:** 11 Oct 2018
- **Citation:** TCN-2018-NCLT-00601
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shilpi-cable-technologies-ltd-ib-64-pb-2017-ae17f5d3

## Summary

### Background

Macquarie Bank Ltd. filed an application against Shilpi Cable Technologies Ltd. under Section 9 of the Insolvency & Bankruptcy Code, CIRP. The applicant sought a direction that the money due and payable under the transaction, separately disclosed to the short-listed resolution applicant as trade dues of the corporate debtor, should be borne by the successful resolution applicant. A further prayer was made for a direction that the money due and payable by the corporate debtor under those transactions should not form part of either the claims or the CIRP Cost. The CoC filed its reply stating that the amount of Rs. 10,77,93,127.88/- should not be treated as CIRP cost, as it was incurred by the Corporate Debtor during the period when neither the erstwhile IRP nor the

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## Facts

Macquarie Bank Ltd. filed an application against Shilpi Cable Technologies Ltd. under Section 9 of the Insolvency & Bankruptcy Code, CIRP. The applicant sought directions regarding the treatment of certain dues, specifically Rs. 10,77,93,127.88/-, which were disclosed to the short-listed resolution applicant as trade dues. The applicant wanted these dues to be borne by the successful resolution applicant and not be considered part of the CIRP cost. The Committee of Creditors (CoC) responded, stating that these dues should not be treated as CIRP cost because they were incurred when neither the Interim Resolution Professional (IRP) nor the Resolution Professional were managing the affairs of the Corporate Debtor. The applicant's counsel expressed satisfaction with

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## Issues and analysis

### Issue 1: Whether the amount of Rs. …

**Ratio:** Expenses incurred by the Corporate Debtor during a period when neither the IRP nor the

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**Reasoning:** The CoC argued that the expense was incurred when neither the IRP nor the Resolution

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**Interpretation:** CIRP costs are typically those expenses directly related to the insolvency

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**Application:** Since the amount was incurred when neither the IRP nor the Resolution

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Macquarie Bank…
- **Respondents:** Shilpi Cable…

## Timeline

- **2018-10-11 — Order Del…**: Order delivered on 11.10.2018…
- **2018-11-02 — Further Consi…**: CA-1014(PB)/2018 listed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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