TMI Blog2020 (12) TMI 243X X X X Extracts X X X X X X X X Extracts X X X X ..... R STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA OTHERS [ 2019 (11) TMI 731 - SUPREME COURT] . The 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., Devansh International Private Limited. - IA No. 394 of 2020 in CP(IB) 326/NCLT/AHM/2019 - - - Dated:- 14-8-2020 - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Vinit Nagar, Learned PCS ORDER (Through video conferencing) The notice has already been issued to the Committee of Creditors and Suspended Management. None appeared on behalf of CoC and Suspended Manag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vances and bank balances. Under such circumstances, if expression of interest will be invited, in that event it will be extra burden on the CoC/RP. Hence, to minimise the cost, the CoC has taken decision to liquidate the Company. (The agenda is reflected at page no. 56 and 57) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such transactions as notified by the Central Government in consultation with any financial sector regulator. f) The Order shall be deemed to be a notice of 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 I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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