2019 (12) TMI 1393

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....on of the Corporate Debtor under section 33(1) (a) of the Insolvency and Bankruptcy Code, 2016 (hereinafter 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. 537 of 2018 filed by Operational Creditor, Shivom Packaging Pvt. Ltd.against the Corporate Debtor Gupta Dyeing and Printing Mills Pvt. Ltd. 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 06.02.2019 and appointed the Applicant, Shri Gordhanbhai Ratnabhai Godhani as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. 2.....

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....s follows: The 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 CorporateDebtor, 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 fol....