TMI Blog2021 (11) TMI 789X X X X Extracts X X X X X X X X Extracts X X X X ..... ng registration No. IBBI/IPA-001/IP-P01579/2018-19/12442 as a liquidator under Section 34 (4) of the Code. Further in accordance with Regulation 39D of CIRP Regulations, liquidator's fee was fixed to the tune of ₹ 40,000/- per month. Shri Rushi Dattani, being suspended management present in the 4'h meeting of CoC stated that he has no objection if the Corporate Debtor is liquidated. The Corporate Debtor is ordered to be liquidated - liquidation of the Corporate Debtor is effective from the date of this order and the Moratorium declared vide order dated 03.02.2021 - application allowed. - I.A. No. 354 of 2021 in C.P. (I.B.) No. 807/9/NCLT/AHM/2019 - - - Dated:- 16-11-2021 - M.B. Gosavi, Member (J) And Ajai Das Mehrotra, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sly resolved to liquidate the Corporate Debtor and also resolved to appoint the Applicant herein Mr. Darshan Bharatbhai Patel bearing registration No. IBBI/IPA-001/IP-P01579/2018-19/12442 as a liquidator under Section 34 (4) of the Code. Further in accordance with Regulation 39D of CIRP Regulations, liquidator's fee was fixed to the tune of ₹ 40,000/- per month. Shri Rushi Dattani, being suspended management present in the 4'h meeting of CoC stated that he has no objection if the Corporate Debtor is liquidated. 5. We have carefully heard and considered the arguments of the learned counsel for the RP and have also perused the records. Taking into consideration the above facts in relation to the affairs of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nand Kumar Vs. VSL Securities Pvt. Ltd. in ca No. 1/2020 in ca No. 308/2000, dated 09.06.2020, observed as under:- Likewise, the decision of the CoC recommending liquidation of the corporate debtor after proper evaluation of the assets and liabilities of corporate debtor with no Resolution Plan forthcoming would be a business decision falling within the domain of commercial wisdom of the CoC which is not amenable to judicial review. 7. In View of the foregoing, we hereby pass the order of liquidation of the Corporate Debtor M/s. Padmavati Intermediates Pvt. Ltd., consequently allow IA No. 354 of 2020 and issue following directions: 1) The liquidation of the Corporate Debtor is effective from the date of this order and the Mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator; and 6) This order of liquidation under Section 33 of the Code 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; and 7) 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 in the Liquidator; and 8) The personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator ..... X X X X Extracts X X X X X X X X Extracts X X X X
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