2020 (1) TMI 1221

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....ORDER The parties are represented through learned FCA. The instant application is filed under Section 33(1), 33(2) and 34(1) of the IB code. On issuance of notice, the Suspended Management appeared through FCA and fairly submitted that he has no objection if appropriate order under Section 33(1) & 33(2) would be passed. Heard Mr. Kiran Shah, FCA on behalf of the RP. On perusal of the record, ....

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....d subsequently also reiterated by Hon'ble Supreme Court of India in its judgment passed in Civil Appeal No. 8766-67 of 2019- Committee of Creditors of Essar Steel India Limited through Authorised Signatory vs. Satish Kumar Gupta & Ors. observed as follows; "The commercial wisdom of the Committee of Creditors cannot be interfered into by the Adjudicating Authority. The Hon'ble Supreme Cou....

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.... stating that the Corporate Debtor is in liquidation and as far as possible, shall try to dispose of the Corporate Debtor as a going concern after publication of notice in newspaper. c) The Liquidator is required to send certified copy of this order to the authority with which the Corporate Debtor is registered. d) Subject to Section 52 of the IB Code, no suit or other legal proceedings shall ....

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...., shall cease to have effect and shall be vested with the Company Liquidator. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the IB Code, 2016, read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. h) The personnel of the Corporate Debtor shall extend all assistance and coopera....