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TMI Blog2020 (9) TMI 1033X X X X Extracts X X X X X X X X Extracts X X X X ..... 582 of 2018 for liquidation of the Corporate Debtor under section 33(1), 33(2) and 34(1) 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. 582 of 2018 filed by Operational Creditor, namely Raymon Patel Gelatine Pvt. Ltd. against the Corporate Debtor viz., Terrene Pharma Pvt. Ltd., 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 14.08.2019 and appointed the Applicant, Mr. Bhupendra Singh Narayan Singh Rajput as Interim Resolution Professional (hereinafter referr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia 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 Adjudicating Authority. The Hon'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 subclass of creditors lies with the CoC." ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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