TMI Blog2020 (9) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the Corporate Debtor - moratorium shall cease to have effect. - IA 145 of 2020 in C.P. (I.B) No. 106/NCLT/AHM/2019 - - - Dated:- 31-7-2020 - Manorama Kumari, Member (J) For Appellant : Dhiren Dave, PCS ORDER Manorama Kumari, Member (J) 1. The Applicant, Interim Resolution Professional (hereinafter referred as IRP ) of the Corporate Debtor filed the instant IA No. 145 of 2020 in the aforesaid Company Petition (IB) No. 106 of 2019 for liquidation of the Corporate Debtor under section 33 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as IB Code ) and for the appointment of the Liquidator. 2. The facts of the case are stated herein: 2.1 CP(IB) No. 106 of 2019 filed by Operational Creditor, na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the Third CoC meeting but till date no appointment has taken place. However, the IRP has continued to act as deemed RP. 3. Heard the applicant and also seen the records, it is found 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 as observed in K. Sasidhar's case and subsequently also reiterated by Hon'ble Supreme Court of India in its judgement passed in Civil Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dator, on behalf of the Corporate Debtor, with the prior approval of this Authority. e) This Authority makes it clear that para (d) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. f) The Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. g) All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the Company Liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X
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