# In the matter of Yug Weave Tech Private Limited IA No. 13 of 2022 in CP (IB)74/(AHM)/2020

> NCLT judgment dated 2022-07-06. Citation: TCN-2022-NCLT-04606. An application was filed under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 6 Jul 2022
- **Citation:** TCN-2022-NCLT-04606
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/yug-weave-tech-private-limited-ia-no-13-of-2022-in-cp-ib74ahm2020-7536e647

## Summary

### Background

An application was filed under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, for the initiation of liquidation of the Corporate Debtor, Yug Weave Tech Private Limited.

## Facts

An application was filed for liquidation of Yug Weave Tech Private Limited.

An Operational Creditor, M/s. Kuber Texlen Private Limited, had filed an application under Section 9 of the Code for initiation of CIRP against Yug Weave Tech Private Limited.

The CIRP was admitted vide order dated 23.10.2020, and Mr. Kailash T. Shah was appointed as Interim Resolution Professional (IRP).

The CoC in its first meeting held on 21.11.2020 resolved to continue the IRP Mr. Kailash T. Shah as Resolution Professional (RP).

The 3rd CoC meeting was held on 20.04.2021 wherein further course of action by inviting EOI, publication of Form G, Information Memorandum, RFRP and evaluation matrix were discussed.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Yug Weave Tech Private …

**Ratio:** Section 33(2) of the

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**Reasoning:** The CoC has decided to take the Corporate

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**Interpretation:** The Adjudicating Authority shall pass a liquidation order when the CoC decides

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**Application:** The application for liquidation is allowed as the CoC has approved it with 100%

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Kailash T…
- **Respondents:** Yug Weave Tech…
- **Other parties:** Suyash Rajendra…; Kuber Texlen…
- **Advocates:** Nipun Si…

## Timeline

- **2020-10-23 — CIRP Admi…**: CIRP was admitted against Yug…
- **2020-10-27 — Public Annou…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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