TMI Blog2020 (1) TMI 1221X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidation - It is also to be noted that this Adjudicating Authority has no jurisdiction to interfere in the commercial wisdom of the COC. Liquidation order passed - moratorium declared. - IA 1 of 2020 in C.P.(I.B.) No. 500/NCLT/AHM/2019 - - - Dated:- 1-1-2020 - Manorama Kumari , Member ( J ) And Chocklingram Thirunavukkarasu , Member ( T ) ORDER The parties are represented through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f that, the COC has taken the decision for the liquidation of the Company. It is further submitted by the learned FCA that the RP has given his consent to act as the Liquidator of the Corporate Debtor. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of what to pay and how to pay each class or sub-class 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) The Liquidator is further directed to issue public announcement stating that the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctor 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rar of Companies, registered office of the Corporate Debtor and Company Liquidator for information and compliance 5. Under the facts and circumstances, the IA 01 of 2020 in CP(IB) 500 of 2019 so filed by the RP under Section 33 of the IB Code, 2016 is allowed and the Adjudicating Authority passes an order for initiation of liquidation of the Corporate Debtor viz., M/s. Swayam Metals Limited and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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