TMI Blog2020 (2) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - IA NO. 628 OF 2019, CP(IB) NO.571/7/NCLT/AHM/2018 - - - Dated:- 27-11-2019 - Harihar Prakash Chaturvedi, Judicial Member Nipun Singhvi, Vishal Dave, Mayur Jugtavat and Ms. Khyati Punjabi Ld. Counsels for the Appearing Parties. ORDER 1. The Applicant RP has filed the present Interlocutory Application under Sections ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Learned Counsel appearing for the suspended management through the Director, Mr. Prakashkumar Vardhmanbhai Shah. The Learned Counsel for the suspended management/Director R-3 has expressed no objection so far as liquidation of the Corporate-Debtor-Company is concerned. We have gone through the contents of the present application. 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 v. Indian Overseas Bank 152 SCL 312 and the CoC to Essar Steel Ltd. v. Union of India [Civil Appeal No. 4610 of 2009, dated 19-4-2016] 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 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidation proceedings shall be instituted by or against the corporate debtor company provided that the suit or other legal proceeding may be instituted by the liquidator on behalf of the corporate debtor with the prior approval of the Adjudicating Authority. v. However, the provision of Sub-Section (5) of Section 30 shall be applied to legal proceeding in relation to such prosecution as made notified by the Central Government in conciliation with any financial sector regulator. vi. The Liquidator is directed to act for the purpose of liquidation of the corporate debtor company. The personnel of the Corporate Debtor shall extend all the assistance and co-operation to the Liquidator as may be required by him in managing the affairs of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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