Page 1 of 12

IA- 1635(PB)/2023 in CP-(IB)-1456(PB) of 2019

M/s Syndicate Bank v/s M/s Incom Wires & Cables Ltd.

IN THE NATIONAL COMPANY LAW TRIBUNAL

PRINCIPAL BENCH, NEW DELHI

IA- 1635(PB)/2023

IN

CP-(IB)-1456(PB) of 2019

Under Section 54(1) of Insolvency and Bankruptcy Code, 2016 r/w

Regulation 45(3)(b) of the Insolvency and Bankruptcy Board of India

(Liquidation Process) Regulations, 2016.

In the matter of:

M/s Syndicate Bank

…. Petitioner

Versus

M/s Incom Wires & Cables Ltd.

…. Corporate Debtor

And in the matter of:

Rakesh Kumar Jain

(Liquidator of Incom Wires & Cables Ltd.)

…. Applicant

Order Pronounced on: 15.06.2023

CORAM:

JUSTICE RAMALINGAM SUDHAKAR, HON'BLE PRESIDENT

SHRI AVINASH K. SRIVASTAVA, HON’BLE MEMBER (TECHNICAL)

Present:

For

the

Applicant

/

Liquidator

: Mr.

Mohit

Nandwan,

Adv.

for

liquidator

Page 2 of 12

IA- 1635(PB)/2023 in CP-(IB)-1456(PB) of 2019

M/s Syndicate Bank v/s M/s Incom Wires & Cables Ltd.

ORDER

1 This is an application filed under section 54(2) of the Insolvency and

Bankruptcy Code, 2016 (“Code”) read with regulation 45(3) of the

Insolvency and Bankruptcy Board of India [Liquidation Process]

Regulations, 2016 (“Liquidation Process Regulations”) by the Liquidator

of

M/s

Incom

Wires

and

Cables

Ltd.

(CIN:

U74899DL1992PLC050243)

(“Corporate

Debtor”)

praying

for

dissolution of the Corporate Debtor and seeking following reliefs

from this Tribunal:

A) To take on record the Final Report filed by the Liquidator under

Regulation 45 of Liquidation Regulations, along with this

application;

B) To order for dissolution of the Corporate Debtor in terms of Section

54(2) of the Code, as the assets of the Corporate Debtor are

Liquidated;

C) To pass any order(s) which the Hon’ble Tribunal may deem fit and

proper in the interest of justice and equity;

2 This Adjudicating Authority vide order dated 03.01.2020, admitted the

Corporate Debtor under Corporate Insolvency Resolution Process

(“CIRP”). As no resolution could be arrived at, the Applicant filed an

application for approval of Liquidation of the Corporate Debtor and

the same was allowed by this Adjudicating Authority vide order dated

19.01.2021.

3 Public announcement of commencement of liquidation was made in

Form ‘B’ in “Financial Express” (English) and “Jansatta” (Hindi) (Delhi

/NCR edition) on 24.01.2021 inviting proof of claims from the

stakeholders of the Corporate Debtor in the specified forms and Form

‘B’ was also uploaded on the IBBI website.

Page 3 of 12

IA- 1635(PB)/2023 in CP-(IB)-1456(PB) of 2019

M/s Syndicate Bank v/s M/s Incom Wires & Cables Ltd.

4 The Liquidator also intimated the Registrar of Companies, Delhi about

the initiation of Liquidation proceedings of the Corporate Debtor by

filing Form INC-28 for the stated purpose on 05.02.2021 in order to

change the status of the Corporate Debtor from “Active” to “Under

Liquidation” on the portal of MCA.

5 The details of original claim received & admitted, and modified claim

received & admitted by the Liquidator is as follows:

Sr.

No.

Nature of Claims

Original

Claim

admitted

(in

Rs.)

Modified Claim

admitted

(in

Rs.)

1.

Financial

Creditors

(Secured)

22,71,59,015.64

15,95,59,015.64

2.

Financial

Creditors

(Unsecured)

-

-

3.

Operational

Creditors

(Workmen & Employees)

-

-

4.

Operational

Creditors

(Government Dues)

-

-

5.

Operational

Creditors

(Others)

-

-

Grand Total

22,71,59,015.64 15,95,59,015.64

(After receiving revised claim from Financial Creditor (Secured)- Canara

Bank,

the

Applicant

reconstituted

the

Stakeholders

Consultation

Committee and in compliance with Regulation 31(2) filed the revised list of

SCC with the Adjudicating Authority which was taken on record vide order

dated 01.02.2023. )

6 A list of stakeholders was prepared and submitted before the

Adjudicating Authority