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2021 (5) TMI 1012 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33 of the IB Code - HELD THAT:- No one appeared on behalf of the Suspended management even after issuance of notice. The Suspended Management is also found absent in the said meeting held on 08.03.2021. In view of the above situation, it is also pertinent to mention herein that recently the Hon'ble Supreme Court of India in its judgement passed in Civil Appeal No. 8766-67 of 2019 Committee of Creditors of Essar Steel India Limited through Authorised Signatory Vs. Satish Kumar Gupta & Ors. [2019 (11) TMI 731 - SUPREME COURT] has held that the commercial wisdom has been exercised by the CoC after taking into count all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the CoC. The Corporate Debtor is allowed to be liquidated - application allowed.
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