# In the matter of Kolkata Conductor and Cables Private Limited

> NCLT judgment dated 2024-11-05. Citation: TCN-2024-NCLT-00300. The case involves an application under Section 54 of the Insolvency & Bankruptcy Board of India…

- **Court:** NCLT
- **Order date:** 5 Nov 2024
- **Citation:** TCN-2024-NCLT-00300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kolkata-conductor-and-cables-private-limited-931a64e0

## Summary

### Background

The case involves an application under Section 54 of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016, read with Regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016, and relevant provisions of the Insolvency and Bankruptcy Code, 2016. The application was filed by the liquidator of Kolkata Conductor & Cable Pvt.Ltd., seeking an order for the dissolution of the Corporate Debtor. The liquidation process was initiated following an order dated 29/06/2022. Public announcements were made inviting claims from stakeholders. The primary claim received was from Oriental Bank of Commerce (now Punjab National Bank).

## Facts

The Corporate Debtor, Kolkata Conductor & Cable Pvt.Ltd., underwent a liquidation process initiated by an order dated 29/06/2022. Mr. Suman Kumar Agarwal was appointed as the liquidator. Public announcements were made, and the primary claim received was from Oriental Bank of Commerce (now Punjab National Bank) for Rs. 24,57,73,317.32. The liquidator faced non-cooperation from the erstwhile management, particularly Mr. Manoj Kumar Singh, a director. The liquidation process was delayed due to the COVID-19 pandemic. The liquidator took possession of properties, including those at Chamrail and Pagladanga Road. The property at Pagladanga Road belonged to Nampa Steel and Power (India) Private Limited, which was the corporate guarantor. The liquidator sold immovable

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## Issues and analysis

### Issue 1: Whether the compliances required under law have …

**Ratio:** The legal principle is that if all compliances as required under the law have been made

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**Reasoning:** The court reviewed the actions taken by the liquidator, including the liquidation of

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**Interpretation:** This involves interpreting the provisions of the Insolvency and Bankruptcy

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**Application:** The court applied the principle to the facts of the case, noting that the

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Kolkata Conductor…

## Timeline

- **2019-03-17 — Public Annou…**: Public announcement in two newspapers namely, “Dainik Statesman” in Bengali and…
- **2019-04-24 — Claim Rec…**: Oriental Bank of Commerce (now Punjab National Bank) filed a claim for an amount of Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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