Possibility that this is the end result of a sloppy job of someone using red liquid tape?? Or insulating varnish??
IMHO, looks like someone made this to possibly monitor the current in the neutral buss, and it appears that there is some means of support via the black material on the neutral buss, left of the five bolt connection.
Did you use an IR to check IF the temp was high? If this was any 'mfg' CT device, it would have a compliant mounting.
Look close at what appears to be some 'windings'.
Not being to cruel, but....Rube Goldberg??
What are the black marks that look like burns on the phase buss where branch CBs are fed??
The CT ought never be mounted directly so close to a right-angle bend in the neutral bussing.
For the CT is going to be reading flux across ninety-degrees, too.
You'd have to have a conducting shield so as to magnetically isolate the CT.
The CT also looks like it's a total hack job. CTs are not supposed to be so over-sized.
It appears that the bizarro size was crafted so as to permit the screw-ball mounting seen in the pic.
With just the one view point, I'm restricted.
More commentary is in order from the OP.
Bus voltage, Amps, load?
Who crafted the CT?
The mount to the right -- at the neutral bus -- is way strange.
I'd shut the system down and remove this gadget immediately.
Call in a real EE to design a NEMA factory correct solution.
This type of gadget is exactly why the Code shuns non-UL mock-ups. Back in the day, everyone and his brother thought they knew what they were doing. The result was fire and death all over the nation... starting with the World's Fair in Chicago.
Look at the mechanical lug, looks like two non-compliant taps; one down to the right, one to this CT.
Did you ever come upon the older E-Mon split core CTs? They had to mating steel laminate cores to go around conductors, or buss (for the brave). I saw some really bad installs over the years. The 2k amp cores were 8-10" square with a plastic snap cover and ty-wraps! The CT winding slipped onto the core....
If it wrapped in just electrical tape, it don't have to get hot tot for the adhesive to run. The equipment can be in close proximity to a furnace or something. If the CT does come in contact with the bus, you will have one heck of a mess on your hands. Judging by the size of the electrical equipment, that would be rather expensive interruption. At the same time, i totally agree with the other posters. A good IR scan will speak volumes and load analylsis wouldn't hurt. Your facility has alot of money riding on its power to be using homemade equipment.