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TMI Blog2019 (12) TMI 1393X X X X Extracts X X X X X X X X Extracts X X X X ..... 33(1) (a) 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. 537 of 2018 filed by Operational Creditor, Shivom Packaging Pvt. Ltd.against the Corporate Debtor Gupta Dyeing and Printing Mills 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 06.02.2019 and appointed the Applicant, Shri Gordhanbhai Ratnabhai Godhani as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. 2.2. It is stated that Committee of Creditors (h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 CorporateDebtor, but the ultimate discretion of what to pay and how to pay each class or subclass 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idation Process) Regulations, 2016. h) The personnel of the Corporate Debtor shall extend all assistance and cooperation 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 for information and compliance. 5. Hence, thelA 544 of 2019 in CP(IB) 537 of 2018 so filed by the RP under Section 33 of the IB Code, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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