# 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-04609. 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-04609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/yug-weave-tech-private-limited-ia-no-13-of-2022-in-cp-ib74ahm2020-bc6d42d4

## 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

One 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 IRP made a public announcement on 27.10.2020 and constituted the Committee of Creditors (CoC).

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 average liquidation value of the corporate debtor is Rs. 2,05,05,461.00, and the average fair value is Rs. 2,78,92,961.00.

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## 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 Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The CoC, in its commercial wisdom, decided to take the Corporate Debtor into liquidation

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**Interpretation:** The Adjudicating Authority is not required to interfere with the CoC's decision

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**Application:** The Adjudicating Authority considered the submissions and documents on record

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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…; Kailash…

## Timeline

- **2020-10-23 — CIRP Admi…**: CIRP was admitted against Yug…
- **2020-10-27 — Public Annou…**: IRP made a public…

## 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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