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2020 (1) TMI 1403 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - it was claimed that CoC was not conversant with the procedure to be followed under the provisions of the IBC and the regulations made thereunder - HELD THAT:- The Counsel for the CoC failed to show any of the contents of the application i.e. C.A-962 which may point out anything about the lack of the knowledge on the part of the CoC. It is worthwhile to mention that the Hon'ble Supreme Court in K. SASHIDHAR VERSUS INDIAN OVERSEAS BANK & OTHERS [2019 (2) TMI 1043 - SUPREME COURT] has observed that CoC is mainly responsible for taking commercial decisions. Therefore, it cannot be argued that the CoC was ignorant about procedure and law. Otherwise also, the ignorance of law is no excuse, the arguments submitted by the counsel for the CoC seem to befar fetched and afterthought as the COC has taken decision to liquidate the Corporate Debtor on 19-6-2019 with 100% voting right. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Newgen Specialty Plastics Limited which shall be conducted in the manner as laid down in Chapter III of part II of the l&B Code, 2016 - application allowed.
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