2020 (10) TMI 264

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....nafter referred as "IB Code") and for the appointment of the Liquidator. 2. The facts of the case are stated herein: 2.1 CP(IB) No. 398 of 2019 filed by Operational Creditor, namely Andromeda Textiles & Trading Pvt. Ltd., against the Corporate Debtor viz., Special Prints Limited under Section 9 of the IB Code, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") which was admitted by this Adjudicating Authority vide its Order dated 15.07.2019 and appointed the Applicant, Mr. Narayan Gajanan Vidvans as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. 2.2 It is stated in the application that Committee of Creditors (hereinafter referred as "CoC") in its First ....

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.... been endowed with the jurisdiction to reverse the commercial wisdom of the CoC. The Hon'ble Supreme Court took the view that the commercial wisdom has been exercised by the CoC after taking into count all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or subclass of creditors lies with the CoC." 4. Under the facts and circumstances as narrated above, we pass the following orders: a) The moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidation. b) The Liquidator is further directed to issue public announcement stating that the Corporate Debtor is in liquidation. c) The....