TMI Blog2022 (1) TMI 568X X X X Extracts X X X X X X X X Extracts X X X X ..... . Tejaswini Engineering Private limited shall be liquidated in the manner laid down in Chapter-Ill of the Code - Application allowed. - IA (IBC)/481/2021 in CP (IB) No. 205/7/HDB/2020 - - - Dated:- 30-12-2021 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Party-in-Person ORDER 1. This application is filed by the Resolution Professional of M/s. Tejaswini Engineering Pvt. Ltd. (hereinafter referred to as Corporate Debtor ) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as Code ) for initiation of liquidation of the Corporate Debtor due to non-receipt of resolution plan. 2. The Insolvency Petition was filed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The applicant filed her consent to act as the Liquidator of the Corporate Debtor. 7. We have heard the Applicant in the present matter. The Hon'ble Apex Court in K. Sashidhar vs. Indian Overseas Bank and Ors (2019) 148 LA 497 (SC) inter-alia held that, The Adjudicating Authority (NCLT) is not expected to do anything more; but is obligated to initiate liquidation process under Section 33 (1) of I B Code. The legislature has not endowed the adjudicating authority (NCLT) with the jurisdiction or authority to analyse or evaluate the commercial decision of the CoC much less to enquire into the justness of the rejection of the resolution plan by the dissenting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d shall be vested in the Liquidator. G. The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. H. Personnel connected with the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as would be required for managing its affairs. I. The Liquidator shall entitled to such fees as may be specified by the Board in terms of Section 34(8) of the Code. J. This order shall 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 pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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