# In the matter of YBS (IFSC) Private Limited CP (IB)-253-2021

> NCLT judgment dated 2023-02-27. Citation: TCN-2023-NCLT-04449. The case pertains to an application filed by YBS (IFSC) Private Limited through its liquidator,…

- **Court:** NCLT
- **Order date:** 27 Feb 2023
- **Citation:** TCN-2023-NCLT-04449
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ybs-ifsc-private-limited-cp-ib-253-2021-8c3dd1f9

## Summary

### Background

The case pertains to an application filed by YBS (IFSC) Private Limited through its liquidator, Saaurabh Jhaveri, for the dissolution of the corporate entity via voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company, incorporated on 10.02.2017, had a registered office in GIFT SEZ, Gandhinagar, and its main objective was to operate as an IFSC unit. The Board of Directors decided to liquidate the company as it had not been carrying out any business operations for the past three financial years and did not intend to do so in the future.

## Facts

YBS (IFSC) Private Limited, incorporated on 10.02.2017, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's authorized and paid-up share capital was Rs. 12,50,000/-. The company's primary business was as an IFSC unit. The Board of Directors decided to liquidate due to inactivity for the past three financial years. A special resolution was passed on 05.08.2021 to liquidate the company voluntarily, appointing Saaurabh Jhaveri as the liquidator. The liquidator notified the Registrar of Companies and made public announcements. No claims were received from stakeholders. A declaration of solvency was executed. A short-term loan of Rs. 11799156/- was recalled from Yogen Babu Securities Private Limited and repaid on

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for voluntary liquidation

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**Reasoning:** The court considered the application, the special resolution passed by the company, the

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**Interpretation:** Section 59 provides a mechanism for companies to voluntarily liquidate their

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**Application:** The court found that the company had met the requirements of Section 59,

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## Parties

- **Judges:** Madan B.…; Mr.Kaushalendra…
- **Appellants:** Saaurabh Jhaveri…
- **Respondents:** YBS (IFSC)…

## Timeline

- **2017-02-10 — Company Incor…**: YBS (IFSC) Private…
- **2021-07-28 — Board Me…**: Directors passed a proposal to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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