TMI Blog2019 (12) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... dicating Authority has no jurisdiction to interfere into the commercial wisdom of the Committee of Creditors. The Application so filed by the Committee of Creditors is allowed - The moratorium declared under Section 14 of the 1B Code shall cease to have effect from the date of the order of liquidation. - IA 758 of 2019 in C.P.(IB) No.181/NCLT/AHM/2019 - - - Dated:- 5-12-2019 - HON'BLE Ms. MANORAMA KUMARI, MEMBER JUDICIAL ORDER The Applicant is represented through learned counsel. 1. The instant application is filed under section 33(1), 33(2), 33(3) of the IB Code on 24.10.2019. 2. On perusal of the record, it is found that there is an order passed on 08.11.2019 by the erstwhile Division Bench under section 22(3)(b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'ble Supreme Court affirmed K. Sashidhar's judgement that neither the Adjudicating Authority nor the Appellate Authority has been endowed with the jurisdiction to reverse the commercial wisdom of the COC. The Hon 'ble Supreme Court took the view that the commercial wisdom has been exercised by the COC after taking into count all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the COC. 6. Under the facts and circumstances and the ground mentioned in the Application, the Application so filed by the Committee of Creditors is allowed with the following observation: a) The moratorium declared u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uptcy Board of India (Liquidation Process) Regulations, 2016. h) The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. i) The Company Liquidator shall be entitled to charge such fee for the conduct of the liquidation proceedings in such a proportion to the value of the liquidation estate assets as may be specified by the Board. j) The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, registered office of the Corporate Debtor and Company Liquidator for information and compliance 7. Hence, the application so filed by the RP is allowed and in the circum ..... X X X X Extracts X X X X X X X X Extracts X X X X
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