TMI Blog2020 (10) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... inure to the benefit of the Corporate Debtor, thus increasing its liquidation value. This Adjudicating Authority hereby accords its approval to the Liquidator to take appropriate legal steps to enforce the settlement in the two Commercial Suits bearing No.842/2017 and No.310/2018 before the Hon ble Bombay High Court, for the benefit of the Corporate Debtor - Application disposed off. - IA No.702/MB-II/2020 CP (IB) No.380/MB-II/2018 - - - Dated:- 7-10-2020 - Mr. Rajasekhar V. K. : Member (Judicial) Mr. Ravikumar Duraisamy : Member (Technical) For the Applicant : Adv Geeta Lundwani a/w Adv Amey Hadwale Mr. Ashish Singh, Liquidator in person ORDER Per : Rajasekhar V.K., Member ( Judicial ) 1. Preamble 1.1. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hipping International S.A. challenging the termination of the contract and claiming damages and other charges. Both suits are pending before the Hon ble Bombay High Court. (e) During the course of hearing on 19.04.2018, the Hon ble Bombay High Court directed East Metals AG (Defendant No.3 in Suit No.310/2018 initiated by the Corporate Debtor), to deposit a sum of 112,084.44 with the Prothonotary and Senior Master of the High Court, which was complied with by East Metals AG on 07.05.2018. (f) Thereafter, LSI Logistics Shipping International S.A. (Defendant No.1 in Suit No.310/2018 initiated by the Corporate Debtor) and the Corporate Debtor settled their disputes amicably and entered into settlement terms on 12.11.2018, which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bombay High Court. 5. Statutory provisions 5.1. The relevant statutory provisions embodied in sections 33(5) and 35(1)(k) of the IBC, read as follows: - 33. Initiation of liquidation. (1) to (4) *** (5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor. Provided that a suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority. 35. Powers and duties of liquidator. (1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely: (a) to (j) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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