Delcray Cables Pvt. Ltd. was incorporated in 1993 and it is a private unlisted company. Its authorised capital is Rs. 2 crores and paid up capital is Rs. 1 crore. The company is engaged in the manufacture of HDPE (High Density Polyethylene) drums and jerry cans for purposes of packaging used by the pharmaceuticals, pesticides, fertilizers, liquid chemicals industry amongst others. The registered office of the company is located at 29, SBS Colony, Rajpura, District Patiala, Punjab.
The company availed financial assistance from Punjab National Bank in the year 2010 by way of CC limit, OD limit and adhoc limit. The company failed to adhere to its repayment schedules and its account was classified as ‘Non- Performing Asset’ in 2019.
Punjab National Bank moved an application against the company under Section 7 of the Insolvency & Bankruptcy Code, 2016 before the Hon’ble National Company Law Tribunal, Chandigarh Bench which was admitted on 13.01.2023. The Hon’ble NCLT has appointed Sh. Jalesh Kumar Grover as the Interim Resolution Professional in the matter vide its order dated 13.01.2023.