# In the matter of YS Marchandise International Pvt. Ltd. C.A. 1639-C-II-ND-2019 in Company Petition No. (IB) 136(ND)-2018

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02553. The case involves an application filed by the Resolution Professional (RP) of YS Merchandise…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ys-marchandise-international-pvt-ltd-ca-1639-c-ii-nd-2019-in-company-petition-no-ce7ee00a

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of YS Merchandise International Pvt. Ltd. under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the corporate debtor. The Corporate Debtor, YS Merchandise International Pvt. Ltd., had previously filed an application under Section 10 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP), which was admitted on 06.06.2019. The RP was appointed as Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) with two financial creditors, Capfloat Financial Services Pvt. Ltd and Neogrowth Credit Pvt. Ltd. The CoC confirmed the appointment of Sunil Kumar Aggarwal as RP on 08.08.2019. The RP published Form-G for inviting

…

## Facts

YS Merchandise International Pvt. Ltd. was admitted into Corporate Insolvency Resolution Process (CIRP) on 06.06.2019 after filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). Sunil Kumar Aggarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, comprising Capfloat Financial Services Pvt. Ltd and Neogrowth Credit Pvt. Ltd. The RP issued Form-G to invite Expressions of Interest (EOI) for resolution plans, but no EOIs were received. An E-Auction of the company's assets was conducted on 15.11.2019, but no bids were received. Forensic and Transactional Audit Reports indicated related party transactions. The CoC, in its 5th meeting on

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, YS Merchandise International Pvt. …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

…

**Reasoning:** The Tribunal noted that no Expression of Interest (EOI) was received despite the

…

**Interpretation:** Section 33 provides a mechanism for liquidation when resolution efforts fail.

…

**Application:** In this case, the absence of any EOI and the unanimous decision of the CoC to

…

## Parties

- **Judges:** CHD. MOHD SHARIEF…; SHRI. L. N.…
- **Appellants:** Sunil Kumar…
- **Respondents:** YS Merchandise…

## Timeline

- **2019-06-06 — Admission of CIRP…**: The Tribunal admitted the application filed by the Corporate Debtor under Section 10 of…
- **2019-06-06 — Appointment…**: Mr. Sunil Kumar Aggarwal was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ys-marchandise-international-pvt-ltd-ca-1639-c-ii-nd-2019-in-company-petition-no-ce7ee00a