# In the matter of Yashasvi Yarns Limited IA 1677-2021 in CP(IB)-582(MB)-2021

> NCLT judgment dated 2021-08-24. Citation: TCN-2021-NCLT-01292. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 24 Aug 2021
- **Citation:** TCN-2021-NCLT-01292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/yashasvi-yarns-limited-ia-1677-2021-in-cpib-582mb-2021-5b2655c2

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The hearing was conducted via video conference. The counsel for the petitioner, Mr. Subir Kumar, was present. There was no representation on behalf of the corporate debtor.

## Facts

The State Bank of India filed a petition against Yashasvi Yarns Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the hearing held on August 24, 2021, the counsel for the petitioner, State Bank of India, stated that the registered office of the corporate debtor, Yashasvi Yarns Limited, is located in Silvasa, which falls under the jurisdiction of the Ahmadabad NCLT. Consequently, the petitioner sought leave to withdraw the petition with the liberty to file a fresh application in the appropriate forum. No representation was made on behalf of the corporate debtor.

## Issues and analysis

### Issue 1: Whether the petition filed before the Mumbai NCLT should be dismissed given that the registered …

**Ratio:** A court must have proper jurisdiction over a matter to adjudicate it. If the registered

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**Reasoning:** The court considered the petitioner's submission that the registered office of the

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**Interpretation:** The Insolvency and Bankruptcy Code, 2016, specifies that the NCLT having

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**Application:** Since the registered office of Yashasvi Yarns Limited is in Silvasa, which

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Appellants:** State Bank of…
- **Respondents:** Yashasvi Yarns…

## Timeline

- **2021-08-24 — Hearing…**: Hearing held on August 24, 2021, where the petitioner's counsel requested to withdraw the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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