TMI Blog2020 (10) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of the order of liquidation. - IA 119 of 2020 in C.P. (I.B.) No. 122/NCLT/AHM/2018 - - - Dated:- 28-2-2020 - Manorama Kumari, Member (J) and Chocklingram Thirunavukkarasu, Member (T) ORDER The parties are represented through learned counsel and PCS. The instant application is filed under Section 33(1) and 33(2) of the IB Code. On 14.02.2020, the notices were issued to the Suspended Management and Committee of Creditors on moving the application. Mr. Gunjan Shah (proxy), PCS requesting time on behalf of the Suspended Management. It is a matter of record that on 29.01.2020, the resolution was passed in presence of all the members and Suspended Management, since then, till date, Suspended Management have availed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, all the members of the Committee of Creditors voted in favour of liquidation as reflected from page No. 99. 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 Adjudicating Authority. The Hon'ble Supreme Court affirmed K. Sashidhar's judgement that neither the Adjudicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be requ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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