TMI Blog2020 (12) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA OTHERS [ 2019 (11) TMI 731 - SUPREME COURT] . Application 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., Bansal International Private Limited. The RP i.e. Bhavi Shreyans Shah, shall act as the Liquidator for the purpose of liquidation of the Corporate Debtor. - IA 255 of 2020 in CP (I.B.) No. 386/NCLT/AHM/2019 - - - Dated:- 6-8-2020 - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) ORDER Learned PCS, Mr. Vinit Nagar appeared on behalf of the Applicant. The instant application is filed under Section 33(2) of the IBC, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, the CoC has resolved for liquidation of the Corporate Debtor vide its Second meeting dated 12.12.2019. 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 Adjudicating Au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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