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2020 (2) TMI 1123 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor Company - HELD THAT:- It is now settled position in law, as per the decision of the Hon'ble Supreme Court of India in the matter of K. SASHIDHAR VERSUS INDIAN OVERSEAS BANK & OTHERS [2019 (2) TMI 1043 - SUPREME COURT] and in ESSAR STEEL LTD. VERSUS UNION OF INDIA & ORS. [2016 (4) TMI 1366 - SUPREME COURT] that, the commercial wisdom applied by Member of the CoC to be treated as conclusive and this Adjudicating Authority is not expected to sit in appeal and to substitute its own view to the CoC. Because its jurisdiction is supervisory in nature and nor as of an Appellant Authority. The present application can be allowed in view of the resolution of the CoC for passing an appropriate order for liquidation of the company - Application deserves to be allowed and an order for liquidation of the company is required to be passed. It is ordered that the Corporate Debtor Company, M/s. Shri Padmavati Sortex Pvt. Ltd. shall go under liquidation with certain directions.
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