9911796707
TMI Blog2020 (9) TMI 896X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 33(1), 33(2) & 34(l) 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. 564 of 2019 was filed by Operational Creditor, namely Mr. Unisbhai Valibhai Lingadiya, against the Corporate Debtor viz., Shree San tosh Cotton Spin Private Limited under Section 9 of the IB Code, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") which was admitted by this Adjudicating Authority vide its Order dated 10.10.2019 and appointed the Applicant, Mr. Bhupendra Singh Narayan Singh Rajput as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upreme 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 subclass of creditors lies with the CoC. " 4. Under the facts and circumstances as narrated above, we pass the following orders: a) The moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidation. b) Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... end 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. 5. Hence, the IA 350 of 2020 in CP(IB) 564 of 2019 so filed by the RP under Section 33(1), 33(2) & 34(1) of the IB Code, 2016 is allowed and the Adjudicating Authority passes an order fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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