Cosmic Chemicals, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Yag Mag Labs Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted, and Mr. Ram Murthy Kommera was initially appointed as the Interim Resolution Professional (IRP). Later, Mr. A.V.S. Krishna Mohan replaced him as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, and several meetings were held. The CoC, in its fifth meeting, decided to seek an extension of the resolution process timeline. However, no resolution plan was submitted within the CIRP period. In the sixth CoC meeting, the members, representing 100% of the voting share, approved the liquidation of Yag Mag Labs Private

Cosmic Chemicals, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Yag Mag Labs Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted, and Mr. Ram Murthy Kommera was initially appointed as the Interim Resolution Professional (IRP). Later, Mr. A.V.S. Krishna Mohan replaced him as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, and several meetings were held. The CoC, in its fifth meeting, decided to seek an extension of the resolution process timeline. However, no resolution plan was submitted within the CIRP period. In the sixth CoC meeting, the members, representing 100% of the voting share, approved the liquidation of Yag Mag Labs Private