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TMI Blog2021 (11) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... as Mr. Kamal Lokhandwala in place of Mr. Kamil Lokhandwala and at para 7 the Application number has been mentioned as IA No. 354 of 2020 in place of IA No. 354 of 2021. Also at para 7 sub para 1 and 12, CP(IB) No. 807/9/NCLT/AHM/2019 is typed as CP(IB) No. 807/9/NCLT/AHM/2021 and CP No. 807/9/JPR/2019 respectively and in sub para 13 of para 7 Operational creditor is typed as Financial Creditor and Resolution Professional-cum-liquidator is mentioned as Resolution Professional and Liquidator. Hence, by taking the suo-moto action under Rule 154 of the National Company Law Tribunal, Rules, 2016, the aforesaid correction be made and corrected order be uploaded and sent by the registry along with the main order as mentioned in sub-para 13 of para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egistration 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 Rs. 40,000/- per month. Shri Rushi Dattani, being suspended management present in the 4th meeting of CoC stated that he has no objection if the Corporate Debtor is liquidated. 6. 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 Debtor, the provisions of Section 33 of Code are as follows: "33. Initiation of liquidation.- (1) Where the Adjudicating Authority,- (a) before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 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." 8. 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 Moratorium declared vide order dated 03.02.2021 in CP (IB) No. 807/9/NCLT/AHM/2021, henceforth, ceases to exist. 2) The CoC had resolved to appoint the RP as the Liquidator. It is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 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 as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the Code shall apply in relation to liquidation process as they apply-in relation to OR process w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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