2021 (1) TMI 106

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e 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. 312 of 2018 was filed by Operational Creditor, namely Narayani Ispat Limited, against the Corporate Debtor viz., Aditya Exim 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 26.09.2019 and appointed the Applicant, Shri Gordhanbhai Ratnabhai Godhani as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. 2.2 It is stated in the application that Committee of Creditors (herein....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s: "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 Corporate Debtor, 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 following orders: a) Th....