2020 (12) TMI 243

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....r liquidation of the Corporate Debtor. On perusal of the record, it is found that the CP (IB) No. 326 of 2019 was filed by Operational Creditor, namely, Mr. Jani Mitkumar Anantray, against the Corporate Debtor viz., Devansh 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 16.12.2019 and appointed the Applicant, CA Tejas Shah as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. On perusal of the records it is found that the Committee of Creditors (hereinafter referred as "CoC") in its First Meeting held on 20.01.2020 decided....

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....n'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 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....