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2020 (12) TMI 1321 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - section 33(1) & 34(1) of the IB Code - HELD THAT:- On perusal of the records, it is found that Suspended Management has already appeared in the matter. Though they were allowed time to file reply on 12.11.2020, within two weeks, but has failed to file reply. However, the Suspended Management, being promoter, was always present in the COC meetings and never raised any objection. It is a matter of record that there is only one member in the Committee of Creditors i.e. Punjab National Bank, who has passed the resolution for liquidation with 100% voting, as NPV of ₹ 461.15 lakhs, proposed by the Resolution Applicant, was less than the liquidation value of the assets of the Corporate Debtor - it is also pertinent to mention herein that recently the Hon’ble Supreme Court of India in its judgement of committee of Creditors of Essar Steel India Limited through Authorised Signatory vs. Satish Kumar Gupta & Ors. [2019 (11) TMI 731 - SUPREME COURT] where it was observed 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 company is ordered to be liquidated - moratorium declared shall be cease to have effect - application allowed.
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