IN THE NATIONAL COMPANY LAW TRIBUNAL

PRINCIPAL BENCH, NEW DELHI

CP (IB) – 759 (PB)/2018

IA-736/2023,

IA-4141/2022,

IA-4790/2022,

IA-2363/2022,

IA-3908/2022,

IA-3913/2022,

IA-3914/2022.

IN THE MATTER OF:

IVL FINANCE ..... Financial Creditor

Versus

INCOM CABLES PRIVATE LIMITED .…. Corporate Debtor

ORDER PRONOUNCED ON: 28.02.2023

CORAM:

JUSTICE RAMALINGAM SUDHAKAR

HON'BLE PRESIDENT

SHRI AVINASH K. SRIVASTAVA

HON’BLE MEMBER (TECHNICAL)

APPEARANCES:

For IVL Finance

:

Adv. Sunil Fernandes, Adv. Rudreshwar Singh,

Adv. Rudreshwar Singh, Adv. Isha Singh, Adv.

Shankari Mishra, Adv. Niharika Tanwar, Adv.

Ishan Mukherjee

For the RP

:

Adv. Lalit Moha, Adv. Videsh Vaish, Adv.

Aakansha, Adv. Ritesh

ORDER

PER : AVINASH K. SRIVASTAVA, MEMBER (TECHNICAL)

1.

This Adjudicating Authority vide its order dated 08.04.2019 admitted the

Company Application (IB) No. 759 (PB) of 2019 filed on behalf of Financial

Page 2 of 8

IA-736/2023, IA-4141/2022, IA-4790/2022, IA-2363/2022, IA-3908/2022, IA-3913/2022

& IA-3914/2022

IVL Finance vs Incom Cables Private Limited

Creditor M/s IVL Finance against the Corporate Debtor (CD) i.e. Incom

Cables Private Limited for initiating the CIRP under section 7 of the Code

and appointed Mr. Sunil Prakash as an Interim Resolution Professional.

2.

The said judgment dated 08.04.2019 passed by this Adjudicating

Authority was appealed by the Suspended Board of Directors of the

Corporate Debtor before NCLAT in Company Appeal (AT) (Insolvency) No.

427 of 2019 and via the judgment dated 22.04.2019, Hon’ble NCLAT

upheld the impugned judgment dated 08.04.2019 passed by this

Adjudicating Authority.

3.

That an Appeal was filed before the Hon’ble Supreme Court by the

Suspended Board of Directors challenging the impugned judgment dated

22.04.2019 passed by Hon’ble NCLAT. Vide order dated 03.07.2019

Hon’ble Supreme Court in Raghav Sharma v. IVL Finance Pvt. Ltd and

Anr having Civil Appeal No. 5048/2019 stayed the operation of the

impugned judgment dated 22.04.2019 passed by Hon’ble NCLAT and

consequently judgment dated 08.04.2019 passed by this Adjudicating

Authority.

4.

That vide order dated 22.05.2019 this Adjudicating Authority replaced

the earlier IRP Mr. Sunil Prakash with new RP Ms. Reshma Mittal.

Thereafter on 21.04.2022 Hon’ble Supreme Court in Raghav Sharma v.

IVL Finance Pvt. Ltd and Anr having Civil Appeal No. 5048/2019

dismissed the appeal of the Suspended Directors of the Corporate

Debtor.

IA- 4141/2022

5.

IA-4141/2022 is a joint application being filed by Canara Bank

(Applicant No.1) forming 94.85% of CoC of the Corporate Debtor and Mr.

Raghav Sharma (Applicant No.2) suspended director of the CD under

Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC) read

Page 3 of 8

IA-736/2023, IA-4141/2022, IA-4790/2022, IA-2363/2022, IA-3908/2022, IA-3913/2022

& IA-3914/2022

IVL Finance vs Incom Cables Private Limited

with Rule 30A of the Insolvency and Bankruptcy Board of India

(Insolvency Resolution for Corporate Persons) Regulations, 2016 (the

CIRP Regulations) seeking approval for withdrawal of Insolvency

resolution process of the Corporate Debtor.

6.

It is submitted that on 14.07.2022, the suspended board of

directors/Appl