# In the matter of YMS Mobitech Pvt. Ltd. CA No. 74-2018 in CP No. (IB)-127-ALD-2017

> NCLT judgment dated 2018-07-20. Citation: TCN-2018-NCLT-01105. The case involves an application under Section 33(1)(a) of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Jul 2018
- **Citation:** TCN-2018-NCLT-01105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/yms-mobitech-pvt-ltd-ca-no-74-2018-in-cp-no-ib-127-ald-2017-910cacf7

## Summary

### Background

The case involves an application under Section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016, concerning the initiation of liquidation for the Corporate Debtor, YMS Mobitech Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a CP No. 127/ALD/2017 filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. Prabhjit Singh Soni was appointed as the Resolution Professional.

## Facts

JBB Enterprises filed an application as an operational creditor against YMS Mobitech Pvt Ltd, the corporate debtor. A corporate insolvency resolution process (CIRP) was initiated against YMS Mobitech Pvt Ltd under Section 9 of the Insolvency & Bankruptcy Code, 2016. Prabhjit Singh Soni was appointed as the Resolution Professional. Two resolution applicants submitted EOIs, but only one resolution plan was received and approved by the COC on July 1, 2018, which was then withdrawn on July 3, 2018. With the CIRP ending on July 19, 2018, and no other resolution plan available, the COC directed the Resolution Professional to initiate liquidation. The Resolution Professional filed CA No 160/2018 under Section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016, for

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, YMS Mobitech Private Limited, should be liquidated due to the failure …

**Ratio:** Section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016, allows for the initiation

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**Reasoning:** The court reasoned that since the resolution plan approved by the COC was withdrawn and

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if a resolution plan fails or is

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**Application:** The ratio and reasoning were applied to the fact that the resolution plan was

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## Parties

- **Judges:** SH. V.P.…; Saroj Ra…
- **Appellants:** JBB ENTER…
- **Respondents:** YMS MOBITECH PVT…

## Timeline

- **2017-01-01 — CP Filed…**: CP No. 127/ALD/2017 was filed under Section 9…
- **2018-07-01 — COC Meet…**: COC meeting held where a…

## 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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