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2022 (2) TMI 65 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHILiquidation of Corporate Debtor - Appellant was disallowed by Resolution Professional (RP), to participate in the Committee of Creditors (CoC) meeting of the Corporate Debtor (CD) - HELD THAT:- The RP has tried twice for initiation of ‘Expression of Interest’ (EOI) process and at the first stage, he received two EOIs from the ‘Prospective Resolution Applicants’ who were only interested in the plant premises of the CD. However, it was not approved by the CoC and CoC decided again in the 6th CoC meeting for fresh EOI and the same were also published in Newspapers. However, no EOIs were received by the RP then the members of the CoC in its 8th meetings of CoC resolved with 100% majority for Liquidation of the CD on 08.03.2021. As far as Section 24(3)(b) of the Code is concerned, it is very much clear that the RP is to give notice for each meeting to the CoC members of the ‘Suspended Board of Directors’ and so is the case with ‘Chapter-VI of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016’. Here the determining factor is that the Appellant was Director of the CD till 01.11.2016 and same was much prior to initiation of CIRP on 11.09.2020 - The DIN of the Appellant has been disqualified by the Registrar of Companies (ROC) in accordance with provision of Section 164(2) of the Companies Act, 2013 vide order dated 21.06.2017 and hence, the Appellant has already vacated the office of the Director in accordance with section 167 of the Companies Act, 2013. The Appellant was not part of the suspended Board of Directors of the CD. No records reflects that the Appellant has challenged his cancellation of DIN with any appropriate Authority. No board meeting in which he has participated since cessation of his vacation of office after DIN cancellation were produced before us. Hence, the Appellant is not part of the Suspended Board of Directors and he cannot challenge the decision of the CoC as Hon’ble Apex Court has made amply clear that the Commercial Wisdom of the CoC is non- justiciable. Appeal dismissed.
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