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2020 (12) TMI 240 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor - Section 33(2) of the IBC, 2016 - HELD THAT:- It is found that there is no asset or Plant & Machinery or any inventories or any investments of the Corporate Debtor and neither the Corporate Debtor is carrying on any projects or business operations. Therefore, the CoC has resolved for liquidation of the Corporate Debtor vide its Second meeting dated 12.12.2019. It is also to be noted that this Adjudicating Authority has no jurisdiction to interfere in the commercial wisdom of the CoC as observed in the case of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT]. Application filed by the RP under Section 33 of the IB Code, 2016 is allowed and the Adjudicating Authority passes an order for initiation of liquidation of the Corporate Debtor viz., Bansal International Private Limited. The RP i.e. Bhavi Shreyans Shah, shall act as the Liquidator for the purpose of liquidation of the Corporate Debtor.
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