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2019 (12) TMI 1321 - Tri - Insolvency and BankruptcyJurisdiction - power of adjudicating authority to interfere with the decision taken by Committee of Creditors - Replacement of IRP - order on the application for replacement of IRP was passed on 08.11.2019, much after the application filed for liquidation by the IRP when IRP/RP become functus officio - section 33(1), 33(2), 33(3) of the IB Code - HELD THAT:- It is found that the Committee of Creditors passed resolution in its 3rd meeting dated 01.10.2019, wherein, COC voted in favour of the liquidation vide 100% voting. Since, the decision is taken by the Committee of Creditors, this Adjudicating Authority has no jurisdiction to interfere into the commercial wisdom of the Committee of Creditors. The Application so filed by the Committee of Creditors is allowed - The moratorium declared under Section 14 of the 1B Code shall cease to have effect from the date of the order of liquidation.
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