# In the matter of Yagmag Labs Private Limited IA No. 920-2020 in CP (IB) No. 593-9-HDB-2018

> NCLT judgment dated 2020-10-16. Citation: TCN-2020-NCLT-00366. The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 Oct 2020
- **Citation:** TCN-2020-NCLT-00366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/yagmag-labs-private-limited-ia-no-920-2020-in-cp-ib-no-593-9-hdb-2018-6fb4847a

## Summary

### Background

The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, seeking the dissolution of M/s Yagmag Labs Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Cosmic Chemicals, an Operational Creditor, which was admitted on 18.02.2019. Subsequently, the Tribunal ordered the liquidation of the Corporate Debtor on 14.10.2019, and the Applicant was appointed as the Liquidator. The liquidator issued public announcements, collated and verified claims, and filed a preliminary report and asset memorandum. The liquidator also filed progress

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## Facts

Cosmic Chemicals, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Yagmag Labs Private Limited (Corporate Debtor). The petition was admitted on 18.02.2019, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Ram Murthy Kommera was initially appointed as the Interim Resolution Professional, later replaced by the Applicant as the Resolution Professional. On 14.10.2019, the Tribunal ordered the liquidation of the Corporate Debtor, and the Applicant was appointed as the Liquidator. The Liquidator issued public announcements inviting claims from stakeholders. The Liquidator filed a preliminary report and asset memorandum on 12.12.2019, stating that no assets were available for sale and the

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor was conducted in accordance with the …

**Ratio:** Regulation 45(3)(b) of the Insolvency & Bankruptcy Board of India (Liquidation

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**Reasoning:** The Tribunal considered the Liquidator's submissions, including the filing of progress

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**Interpretation:** Regulation 45(3)(b) provides a framework for the dissolution of a corporate

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**Application:** The Liquidator filed the necessary reports and complied with the regulations,

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## Parties

- **Judges:** K. Anantha…; Veera Brahma Rao…
- **Respondents:** YAGMAG LABS…; Yagmag Labs Pvt…
- **Advocates:** Shabbeer…; V. An…

## Timeline

- **2019-02-18 — Admission of…**: Petition filed under Section 9 of IBC by Cosmic Chemicals admitted, initiating CIRP…
- **2019-04-30 — Change of Resolution…**: Applicant replaced Mr. Ram Murthy…

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