2020 (11) TMI 847

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....ition (IB) No. 237 of 2018 for liquidation of the Corporate Debtor under section 33 & 34 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as "IB Code") and for the exemption of Lockdown period from the filling of the instant application. 2. The facts of the case are stated herein: 2.1 CP (IB) No. 237 of 2018 was filed by Financial Creditor, namely Mahaveer Transport, against the Corporate Debtor viz., Neuromed Imaging Centre Private Limited under Section 7 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 12.07.2019 and appointed Ms. Anjali Nirav Choksi as Interim Resolution Professional....

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....rds, it is found that there is no possibility of receiving any Resolution Plan. Therefore, the CoC has resolved for liquidation of the Corporate Debtor vide its Sixth meeting dated 17.02.2020. It is also to be noted that this Adjudicating Authority has no jurisdiction to interfere in the commercial wisdom of the CoC as observed in K. Sasidhar's case and 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 Bssar Steel Indict 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&#39....

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....ernment in consultation with any financial sector regulator. f) The Order shall be deemed to be a notice of discharge to the officers, 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, 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) Regulatio....