2020 (3) TMI 1265

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....or under section 33(1), 33(2) and 33(3) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as "IB Code"). 2. The facts of the case are stated herein: 2.1 CP(IB)No. 238 of 2018 filed by Financial Creditor, namely M/s. Pani Logistics, against the Corporate Debtor viz., M/s. Ganga Advisory Pvt. Ltd under Section 7 of the IB Code, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") was admitted by this Adjudicating Authority vide its Order dated 24.01.2019 and appointed the Applicant, Mr. Haresh Babulal Shah as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. 2.2 It is stated in the application that Committee of Creditors (hereinafter refe....

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.... applicant and also seen the records, it is found that for the reasons mentioned hereinabove CoC does not wish to continue the CIRP process and therefore, the CoC has resolved for liquidation of the Corporate Debtor vide its Ninth meeting dated 13.11.2019. 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 judgement passed in Civil Appeal No.8766-67 of 2019- Committee of Creditors of Essar Steel India Limited through Authorised Signatory vs. Satish Kumar Gupta & Ors. observed as follows: "The commercial wisdom of the Committee of Creditors canno....

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.... in relation to such transactions as notified by the Central Government 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 Insolven....