Shilpi Cable Technologies: Corporate Insolvency Resolution Process (CIRP)-Updates - Corporate Insolvency Resolution Process (CIRP) | Value Research

Shilpi Cable Technologies: Corporate Insolvency Resolution Process (CIRP)-Updates - Corporate Insolvency Resolution Process (CIRP)

Shilpi Cable Technologies Limited informed the exchanges that the resolution plan submitted by the resolution applicant was put up for the approval of the committee of creditors (CoC) in the Fifteenth CoC Meeting of Shilpi Cable Technologies Limited, in accordance with the Insolvency and Bankruptcy Code, 2016 and the rules and regulations framed thereunder. On account of less than 66% of the votes being cast in favour, the aforementioned approval of the CoC could not be obtained.

Further, the CoC voted on a resolution for authorising the resolution professional to file an application for liquidation of the Company before the Honble NCLT, New Delhi (Principal Bench) in accordance with the Insolvency and Bankruptcy Code, 2016 and the rules and regulations framed thereunder, the said resolution has been approved by the requisite majority. Accordingly, the application for liquidation of the Company under section 33 of the Insolvency and Bankruptcy Code, 2016 has also been lodged today, i.e., October 18, 2018 before the Honble NCLT, New Delhi (Principal Bench).


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