TMI Blog2020 (10) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... dmitted - moratorium declared. - I.A. No. 71 of 2020 in CP(IB) No. 398 of 2019 - - - Dated:- 10-2-2020 - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Anip Gandhi, Advocate ORDER Manorama Kumari, Member (J) 1. The Applicant, Resolution Professional (hereinafter referred as RP ) of the Corporate Debtor filed the instant IA No. 71 of 2020 in the aforesaid Company Petition (IB) No. 398 of 2019 for liquidation of the Corporate Debtor under section 33(2) 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. 398 of 2019 filed by Operational Credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 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 bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 prop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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