# In the matter of Jayesh Lifescience India Private Limited

> NCLT judgment dated 2026-04-02. Citation: TCN-2026-NCLT-00398. The case pertains to an application filed by the Liquidator, Mr. Mukesh Kumar Jain, seeking…

- **Court:** NCLT
- **Order date:** 2 Apr 2026
- **Citation:** TCN-2026-NCLT-00398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jayesh-lifescience-india-private-limited-780aa54b

## Summary

### Background

The case pertains to an application filed by the Liquidator, Mr. Mukesh Kumar Jain, seeking dissolution of Jayesh Lifescience India Private Limited, the Corporate Debtor, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on 05.08.2024.

## Facts

IA No.29/MB/2025 was filed in CP (IB) No.196/MB/2024 under Section 54(1) of the Insolvency & Bankruptcy Code, 2016.

The Corporate Debtor, Jayesh Lifescience India Private Limited, was admitted into CIRP on 05.08.2024.

Mr. Mukesh Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

Public announcement was made inviting claims from creditors.

Two claims were received from Secured Financial Creditors: Axis Bank Limited and State Bank of India.

The Committee of Creditors (CoC) was constituted.

The CoC rejected the Expression of Interest submitted by Real Value Infotech Projects Private Limited due to non-deposit of EMD.

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## Issues and analysis

### Issue 1: Whether the Applicant has demonstrated that all necessary steps for tracing assets, examining …

**Ratio:** The Applicant failed to demonstrate that all necessary steps for tracing assets,

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**Reasoning:** The Tribunal observed that the material on record does not inspire confidence to conclude

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**Interpretation:** The Tribunal interpreted Section 54 of the Code to require a thorough and

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**Application:** The Tribunal applied this interpretation to the facts of the case, noting the

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## Parties

- **Judges:** Sushil Mahadeorao…; SANJIV…
- **Appellants:** Mukesh Kuma…
- **Respondents:** Jayesh Lifescience…
- **Other parties:** Axis Bank L…; State Bank of…
- **Advocates:** Aniket S…

## Timeline

- **05.08.2024 — Admission in…**: The Corporate Debtor was…
- **26.08.2024 — List of Creditors…**: The List of Creditors of the Corporate Debtor was prepared and uploaded on the website of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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