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2019 (4) TMI 1730 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - appointment of liquidator for Corporate Debtor - submission of written consent to act as the liquidator for the purposes of liquidation of the Corporate Debtor - continuation of the Applicant as the Resolution Professional of the Corporate Debtor - initiation of Corporate Insolvency Resolution Process - Section 7 of the Code read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules, 2016. HELD THAT:- We feel appropriate to confirm and approve the CoC's Resolution dated 20.02.2019 recommending for Liquidation of the Corporate Debtor Company and to pass an order for liquidation of the Corporate Debtor Compan The supremacy of CoC and their commercial wisdom cannot be questioned. It is also observed that National Company Law Tribunal has no jurisdiction and authority to analyze or evaluate the commercial decision of the CoC to enquire into the justness of the rejection of the Resolution Plan by the dissenting financial creditors. It is hereby ordered that the Corporate Debtor Company, viz., ABG Shipyard Limited, shall go into liquidation under Section 33(2) of the Code. The Resolution Professional Mr. Sundaresh Bhatt appointed for the Corporate Insolvency Resolution Process under Chapter II of the Code shall act as the Liquidator for the purpose of Liquidation in pursuant to Section 34(1) of the Insolvency and Bankruptcy Code, 2016 as approved by the CoC in their 22nd Meeting held on 01.03.2019 and his fees shall be as per the Schedule as contained in the IBC, 2016 - All the powers of the Board of Directors, Key Managerial Personnel and the Directors of the Corporate Debtor Company, as the case may be, shall cease to have effect and shall be vested in the Liquidator pursuant to Section 34(2) of the Insolvency and Bankruptcy Code, 2016 - That the personnel of the Corporate Debtor Company shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor Company. Application disposed off.
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