# In the matter of Shilpi Cable Technologies Ltd.

> NCLT judgment dated 2024-05-13. Citation: TCN-2024-NCLT-01366. The case involves a quarterly progress report related to the liquidation of Shilpi Cable…

- **Court:** NCLT
- **Order date:** 13 May 2024
- **Citation:** TCN-2024-NCLT-01366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shilpi-cable-technologies-ltd-6f286d41

## Summary

### Background

The case involves a quarterly progress report related to the liquidation of Shilpi Cable Technologies Ltd. The report is taken on record, subject to exceptions. The court directs the Liquidator to provide full details of amounts realized and distributed, including the date of the liquidation order. This information is to be presented in a chart form to facilitate data updates on liquidation proceedings and circulated among Insolvency Professionals for standardization.

## Facts

Macquarie Bank Ltd. filed a petition against Shilpi Cable Technologies Ltd. The court is reviewing a quarterly progress report related to the liquidation of Shilpi Cable Technologies Ltd. The Liquidator is directed to provide full details of amounts realized and distributed, including the date of the liquidation order. This information is to be presented in a chart form and circulated among Insolvency Professionals. A copy of the order is to be sent to IBBI.

## Issues and analysis

### Issue 1: Whether the quarterly progress …

**Ratio:** The court has the authority to review and take on record progress reports related to

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**Reasoning:** The court's decision to take the report on record, subject to exceptions, indicates its

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**Interpretation:** The court's acceptance of the report signifies its acknowledgment of the

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**Application:** The court's decision applies to the specific quarterly progress report

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Macquarie Bank…
- **Respondents:** Shilpi Cable…

## Timeline

- **2024-05-13 — Order Del…**: Order delivered on 13.05.2024 regarding the quarterly progress report of the liquidation…

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