# 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-00369. 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-00369
- **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-2018-9419d727

## 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 Yagmag Labs Private Limited following a petition filed under Section 9 of the IBC by Cosmic Chemicals, an Operational Creditor. The Tribunal admitted the petition on 18.02.2019. Mr. Ram Murthy Kommera was initially appointed as the Interim Resolution Professional (IRP), later replaced by the Applicant as the Resolution Professional (RP) on 30.04.2019. Subsequently, on 14.10.2019, the Tribunal ordered the liquidation of the

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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, the Corporate Debtor. The petition was admitted on 18.02.2019, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Ram Murthy Kommera was appointed as the Interim Resolution Professional (IRP), later replaced by the Applicant as the Resolution Professional (RP) on 30.04.2019. Subsequently, 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 as required under Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016, inviting claims from stakeholders. A liquidation

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, M/s Yagmag Labs Private Limited, …

**Ratio:** Section 54(1) of the IBC, 2016, allows for the dissolution of a corporate debtor after

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**Reasoning:** The Tribunal considered the Liquidator's submissions, including the filing of Form-H and

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**Interpretation:** Section 54(1) and Regulation 45 provide the legal framework for dissolving a

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**Application:** The Tribunal applied Section 54(1) and Regulation 45 to the facts of the case,

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## Parties

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

## Timeline

- **2019-02-18 — Admission of…**: Tribunal admitted the petition filed under Section 9 of IBC by Cosmic Chemicals,…
- **2019-04-30 — Appointment of…**: Applicant replaced Mr. Ram Murthy…

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