We intimate that Corporate Insolvency Resolution Process of M/s Telephone Cables Limited ("Corporate Debtor) has been commenced vide order dated 19.02.2026 passed by the Hon''ble NCLT, ....
Awaiting price reaction for this filing.
The NCLT Chandigarh Bench has admitted Telephone Cables Limited into the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, via an order dated 19.02.2026. The petition was filed by Omkara Assets Reconstruction Pvt. Ltd. (OARC), which acquired the debt from Stressed Assets Stabilization Fund (SASF), originally an IDBI loan. The total default claimed is approximately ₹1,806.57 crore as on 30.04.2024, comprising ₹18.94 crore principal, ₹83.23 crore interest, ₹1,519.33 crore further interest, and ₹185.07 crore liquidated damages. The matter was transferred from a winding-up petition originally admitted by the Punjab & Haryana High Court in 2015, where attempts to sell company assets had failed. An Interim Resolution Professional (IRP) from Ducturus Resolution Professional Pvt. Ltd. has been appointed, and a moratorium under Section 14 of the IBC has been declared.
This is a severely negative development for shareholders. The company, which has been effectively defunct since 2015, now enters formal insolvency proceedings, meaning existing equity could face total or near-total wipe-out if resolution fails and liquidation is ordered. Trading in the stock is likely to be suspended or hit lower circuits, and any recovery for shareholders is highly unlikely under IBC waterfall norms where secured and unsecured creditors are paid first.