Telephone Cables Ltd Insolvency Process Commenced: Omkara Assets Reconstruction Pvt. Ltd Takes Over Debt from Stressed Assets Stabilization Fund

The Corporate Insolvency Resolution Process (CIRP) of M/s Telephone Cables Limited has been initiated by the National Company Law Tribunal Chandigarh Bench. The winding up petition, previously filed by M/s Bhushan Steel Limited in 2003, has been transferred from the Punjab & Haryana High Court Chandigarh. The debt of Telephone Cables Ltd, which originally belonged to IDBI, was assigned to Stressed Assets Stabilization Fund (SASF) and then further assigned to Omkara Assets Reconstruction Pvt. Ltd. The Official Liquidator attached to the Punjab & Haryana High Court was appointed as the Liquidator of the company. The NCLT Chandigarh Bench will proceed with the matter from the same stage at which it had reached before the Punjab & Haryana High Court.