2021 (2) TMI 438

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....ate Debtor viz., Dhorajia Engineering Company 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 21.11.2019 and appointed the Applicant, Mr. Kiran 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 Second Meeting held on 09.01.2020 decided for continuation of the IRP as RP. Meanwhile, Suspended Management was in the process of settlement with the Operational Creditor and hence, requested for time from the CoC but the suspended managemen....

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....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 the Corporate Debtor is registered. d) Subject to Section 52 of the IB Code, no suit or other legal proceedings shall b....