2020 (9) TMI 836 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Liquidation of Corporate Debtor - section 33 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- There is no scope for revival of the company, considering the situation of the company and further, there is no asset and income of the company to meet the CIRP expenses. Therefore, the CoC has resolved for liquidation of the Corporate Debtor vide its Third meeting dated 23.01.2020. It is also to be noted that this Adjudicating Authority has no jurisdiction to interfere in the commercial wisdom of the CoC. Application is allowed and the Adjudicating Authority passes an order for initiation of liquidation of the Corporate Debtor - moratorium shall cease to have effect.