TMI Blog2020 (9) TMI 896X X X X Extracts X X X X X X X X Extracts X X X X ..... mercial wisdom of the CoC. Application is allowed and the Adjudicating Authority passes an order for initiation of liquidation of the Corporate Debtor viz., Shree Santosh Cotton Spin Private Limited. The RP i.e. Mr. Bhupendra Singh Narayan Singh Rajput, shall act as the Liquidator for the purpose of liquidation of the Corporate Debtor. - I.A. No. 350 of 2020 in CP(IB) No. 564 of 2019 - - - Dated:- 3-8-2020 - Manorama Kumari, Member (J) and Chocklingram Thirunavukkarasu, Member (T) ORDER Manorama Kumari, Member (J) 1. The Applicant, Resolution Professional (hereinafter referred as RP ) of the Corporate Debtor filed the instant IA No. 350 of 2020 in the aforesaid Company Petition (IB) No. 564 of 2019 for liquidation of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m any person or proposed Resolution Applicant and also, there is no ongoing business of the Corporate Debtor. Therefore, the CoC has resolved for liquidation of the Corporate Debtor vide its Fourth meeting dated 15.06.2020. 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 No. 8766-67 of 2019- Committee of Creditors of Essar Steel India Limited through Authorised Signatory vs. Satish Kumar Gupta Ors observed as follows: The commercial wisdom of the Committee of Creditors cannot be interfered into by the Adjudicatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Liquidator. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the IB Code, 2016, read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. h) The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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