TMI Blog2020 (2) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... d entail realisation of higher value by the creditors and would also save the employment of many workers and employees whose daily bread is dependent on the Corporate Debtor. This Adjudicating Authority hereby appoints the Resolution Professional as Liquidator under Section 34(1) of the IBC. The Liquidator shall send intimation to the Registrar of Companies with which the Corporate Debtor is registered - The Liquidator shall act as per Section 35 of the Insolvency and Bankruptcy Code, 2016 subject to directions of this Adjudicating Authority. Application disposed off. - IA NOS. 461 OF 2018 & 50 OF 2019, C.P. (IB) NO. 148/10/NCCT/AHM/2017 - - - Dated:- 28-8-2019 - Ms. Manorama Kumari, Judicial Member And Chockalingam Thirunavukka ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 60 of IBC with following prayers: (a) Direct the Respondents to consider Resolution Plan of the Applicant at Annexure C hereto. (b) Quash and set aside the decision of the Respondent No. 2 to liquidate Asis Logistics Limited taken in the meeting, dated 26.10.2018. (c) During the pendency and final disposal of this Interlocutory Application, stay the proceedings of Interlocutory Application No. 461 of 2018, before this Tribunal. 7. Heard the ld. Counsels of the above mentioned Interlocutory Applications. Thus, before disposal of the IA 461 of 2018, for liquidation of the Corporate Debtor Company, it is imperative to dispose of the Interlocutory Application No. IA 50 of 2019, filed by the above said Association of all Employees o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... body. Therefore, this Adjudicating Authority is of the considered view that this Association is not a registered body. 8.4 Since the CoC did not thought it fit to consider the above referred mail received from the above said Association of all Employees of the Suspended Management, this Adjudicating Authority cannot question the wisdom of the CoC and their recommendation for liquidation of the Corporate Debtor Company. Reliance is placed upon the decision of Hon'ble National Company Law Appellate Tribunal in Kannan Tiruvengandam v. M.K. Shah Exports Ltd. [2018] 97 taxmann.com 553, wherein it is held that commercial aspects of a resolution plan are to be dealt with by an expert body such as the Committee of Creditors. It was held that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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