2020 (2) TMI 439

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....erred to IBC). 2. This Authority, vide order, dated 11.01.2018, on the basis of petition filed by M/s. Asis Logistics Limited., (hereinafter referred to as the Corporate Debtor) under Section 10 of the IBC, commenced the CIRP by appointing IRP. 3. CoC in its 7th meeting held on 26.10.2018, resolved to close the process of CIRP and instructed the RP to file application for initiation of liquidation before this Adjudicating Authority due to non-receipt of any resolution plan from any prospective applicant. 4. Accordingly, the instant application is filed under Section 33 of the IBC by RP vide resolution, dated 26.10.2018. The said fact is reflected in the minutes of the CoC meeting held on 26.10.2018, at Item No. 4 at Page 103 annexe....

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....n of Interest from the potential resolution applicants, received one response in the form of email, dated 6th May, 2018, from one Mr. Ajay Wadkar on behalf of employees of the Suspended Management stating that together they shall be able to arrange the affront amount of Rs. 100 lac and arrange more funds for revival and repayment. They wanted an opportunity with the RP to understand more about the process and the procedures but did not submit any Resolution Plan. 8.2 The RP in the minutes of the 2nd meeting of CoC has mentioned that above referred mail has been received from the above said Association of all Employees of the Suspended Management viz. Asis Logistics Limited. 8.3 The Applicant of IA 50 of 2019, has annexed with the appl....

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..... Indian Overseas Bank 152 SCL 312. It is held that supremacy of CoC and their commercial wisdom cannot be questioned. It is also observed that National Company Law Tribunal has no jurisdiction and authority to analyse or evaluate the commercial decision of the CoC to enquire into the justness of the rejection of the Resolution Plan by the dissenting financial creditors. 8.5 Hence IA 50 of 2019, is not maintainable and disallowed. 9. Considering all the above said facts and the documents annexed with the application, this Adjudicating Authority is of the considered view to pass an order for liquidation in respect of the Corporate Debtor viz. Asis Logistics Limited and direct the Liquidator to issue a public announcement stating that t....