2019 (12) TMI 1321

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....;BLE Ms. MANORAMA KUMARI, MEMBER JUDICIAL ORDER The Applicant is represented through learned counsel. 1. The instant application is filed under section 33(1), 33(2), 33(3) of the IB Code on 24.10.2019. 2. On perusal of the record, it is found that there is an order passed on 08.11.2019 by the erstwhile Division Bench under section 22(3)(b) of the IB Code for replacement of IRP, Mr. Man....

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....eting dated 01.10.2019, wherein, COC voted in favour of the liquidation vide 100% voting. Since, the decision is taken by the Committee of Creditors, this Adjudicating Authority has no jurisdiction to interfere into the commercial wisdom of the Committee of Creditors in view of the settled position as observed by Hon'ble Supreme Court in its judgement passed in Civil Appeal No.8766-67 of 2019-....

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.... 6. Under the facts and circumstances and the ground mentioned in the Application, the Application so filed by the Committee of Creditors is allowed with the following observation: a) The moratorium declared under Section 14 of the 1B Code shall cease to have effect from the date of the order of liquidation. b) The Liquidator is further directed to issue public announcement sta....

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...., 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, t....