# In the matter of Kolkata Conductor & Cables Private Limited I.A. (IB) No. 393-KB-2022 in C.P. (IB) No. 145-KB-2018

> NCLT judgment dated 2022-06-29. Citation: TCN-2022-NCLT-01981. The case involves an application (I.A. (IB) No. 393/KB/2022) filed by the liquidator of Kolkata…

- **Court:** NCLT
- **Order date:** 29 Jun 2022
- **Citation:** TCN-2022-NCLT-01981
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kolkata-conductor-cables-private-limited-ia-ib-no-393-kb-2022-in-cp-ib-no-145-kb-4498aca3

## Summary

### Background

The case involves an application (I.A. (IB) No. 393/KB/2022) filed by the liquidator of Kolkata Conductor & Cable Private Limited, Mr. Suman Kumar Agarwal, in the corporate insolvency resolution process (CIRP) of the company (C.P. (IB) No. 145/KB/2018). The application seeks permission to jointly sell the land, factory shed, and boundary of the corporate debtor located at Pagladanga Road. The liquidator also requests permission to sell the assets of the corporate debtor (excluding the factory shed and boundary) on a standalone basis, determine the scrap value of the assets, and obtain cooperation from the respondents (Punjab National Bank and Nampa Steel and Power (India) Private Limited). The Adjudicating Authority had ordered liquidation of the Corporate Debtor

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## Facts

Mr. Suman Kumar Agarwal, the liquidator of Kolkata Conductor & Cable Private Limited ("Corporate Debtor"), filed an application seeking permission to jointly sell the land, factory shed, and boundary of the corporate debtor located at Pagladanga Road. The liquidator also requested permission to sell the assets of the corporate debtor (excluding the factory shed and boundary) on a standalone basis, determine the scrap value of the assets, and obtain cooperation from the respondents (Punjab National Bank and Nampa Steel and Power (India) Private Limited). The Adjudicating Authority had ordered liquidation of the Corporate Debtor on 12 March 2019. The liquidator visited the registered office of the Corporate Debtor on 05 April 2019 but was denied access. The

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## Issues and analysis

### Issue 1: Whether the liquidator should be permitted to jointly sell the land, factory shed, and boundary of …

**Ratio:** The liquidator has the power to sell the assets of the corporate debtor during

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**Reasoning:** The court considered that the factory was non-functional, the assets had been reduced to

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**Interpretation:** This issue involves the interpretation of the powers and duties of a liquidator

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**Application:** The court applied the ratio to the specific facts of the case, considering the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Suman Kumar…
- **Respondents:** Kolkata Conductor…; Punjab National…

## Timeline

- **2019-03-12 — Liquidation…**: The Adjudicating Authority ordered…
- **2019-04-05 — Visit to Registered…**: The Applicant visited the registered office of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35 — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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