2020 (12) TMI 240

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....hal Kumar Kanada, against the Corporate Debtor viz., Bansal International Private 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 10.10.2019 and appointed the Applicant, Bhavi Shreyans Shah as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. It is stated in the application that Committee of Creditors (hereinafter referred as '"CoC") in its First Meeting held on 12.11.2019 decided for continuation of the IRP as RP. It is stated by the Applicant that in the Second CoC meeting held on 12.12.2019, CoC resolved to go for Liquidation of the C....

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....rt 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 sub-class of creditors lies with the CoC." 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 Liquidator is required to send certified copy of this order to the authority with which ....