# In the matter of Incom Wires and Cables  Ltd. IA- 1635(PB)-2023 in CP-(IB)-1456(PB) of 2019

> NCLT judgment dated 2023-06-15. Citation: TCN-2023-NCLT-02928. The application was filed under Section 54(2) of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 15 Jun 2023
- **Citation:** TCN-2023-NCLT-02928
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/incom-wires-and-cables-ltd-ia-1635pb-2023-in-cp-ib-1456pb-of-2019-1b8a2ebe

## Summary

### Background

The application was filed under Section 54(2) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India [Liquidation Process] Regulations, 2016, by the Liquidator of M/s Incom Wires and Cables Ltd., the Corporate Debtor. The Adjudicating Authority admitted the Corporate Debtor under the Corporate Insolvency Resolution Process (CIRP) on 03.01.2020. As no resolution could be arrived at, the Applicant filed an application for approval of Liquidation of the Corporate Debtor, which was allowed on 19.01.2021. Public announcement of commencement of liquidation was made on 24.01.2021. The Liquidator also intimated the Registrar of Companies about the initiation of Liquidation proceedings. The Liquidator convened

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## Facts

M/s Incom Wires & Cables Ltd. was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 03.01.2020. As no resolution plan was approved, the company was ordered into liquidation on 19.01.2021. M/s Syndicate Bank was the petitioner. Rakesh Kumar Jain was appointed as the liquidator. The liquidator made a public announcement on 24.01.2021. The liquidator intimated the Registrar of Companies about the liquidation proceedings. The liquidator convened Stakeholder Consultation Committee (SCC) meetings and filed quarterly reports. The liquidator opened a new bank account for the corporate debtor. The liquidator sought extensions of time for the liquidation process due to the lockdown in Delhi. The fair value of the corporate debtor

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## Issues and analysis

### Issue 1: Whether the application filed under Section 54(2) of the Insolvency and Bankruptcy Code, 2016 for …

**Ratio:** Section 54(2) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The Adjudicating Authority considered the application filed by the Liquidator under

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**Interpretation:** Section 54(2) provides the legal basis for dissolving a corporate debtor after

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**Application:** The Adjudicating Authority found that the Liquidator had complied with the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** M/s.Syndica…
- **Respondents:** M/s Incom Wires &…

## Timeline

- **2020-01-03 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor under Corporate Insolvency…
- **2021-01-19 — Liquidation…**: The Adjudicating Authority allowed the application for approval of Liquidation of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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