This orange cable has the two wires coming out, but I believe there should be a ground or a common as well. It appears that there IS a wire snipped just below the black wire, but I was not going to probe around. This may go to a air compressor. There was to many contents in the area to verify.
Electrical is not my strong suite even taking the course here, but I knew this looked incorrect. I did write up needing a bushing and having it run into the panel correctly with the “consult qualified electrician” caveat as well.
Cutler hammer panel. Yea the cable was simply run into what you see. Does not look like normal punch out for sure.
What type of addl info you need? I’ll fill in where I can.
re: punch out - is designed for conduit. Where cables come in they need to have a proper cable connector to secure it to panel/box. Some rectangular/octagonal boxes (in fact many) have built in connectors which is acceptable. Where built in are not provided, one must be use of proper size for cable used. I have Canadian code, but am digging into NEC to see if I can find you the proper reference if you wish to have it.