2020 (10) TMI 266

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....alf of the Suspended Management. It is a matter of record that on 29.01.2020, the resolution was passed in presence of all the members and Suspended Management, since then, till date, Suspended Management have availed one-month time but has not filed any objection. However, today Proxy PCS seeking time to file reply/representation though the Vakalatnama has not yet been filed. It is to be mentioned herein that the Suspended Management was all along present in the COC meeting and they are well aware of the passing of resolution by Committee of Creditors in its 9th meeting held on 29.01.2020, wherein the proposal for liquidation was taken by the Committee of Creditors. On passing of the said resolution by Committee of Creditors, the applica....

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....he commercial wisdom of the Committee of Creditors cannot be interfered into by the Adjudicating Authority. The Hon'ble Supreme Court affirmed K. Sashidhar's judgement that neither the Adjudicating Authority nor the Appellate Authority has 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." Under the facts and circumstances as narrated above, we pass the following orders: a) The moratori....