2021 (6) TMI 85

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....nd Chockalingam Thirunavukkarasu, Member (T) For the Appellant : Monaal J. Davawala, Advocate For the Respondents : Umesh Ved and Pavan S. Godiawala, Advocates ORDER Manorama Kumari, Member (J) 1. The instant application is filed under Section 60(5) of the Insolvency and Bankruptcy Code by the Applicant with the following prayers: (i). To order and direct the Respondent to ....

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....at CoC in its 6th meeting proposed the resolutions as under and put the same for voting: I. To do forensic audit. II. To make an application for exclusion of litigation period with Hon'ble NCLT III. To issue fresh EOI. IV. To pass a resolution for Liquidation of the Company. 4. However, on voting the CoC has taken following decisions: I. No foren....

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....hile RP appeared and filed his reply opposing the allegations and claims and prayers made therein by the Applicant, reserving the right to file further affidavit, if required. 8. The erstwhile RP submitted and alleged that the application is filed only with an arm twisting practice and for oblique motive. It is further submitted that the decisions for the liquidation was taken by the CoC is a f....

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....nal (NCLT) or National Company Appellate Tribunal(NCLAT) cannot interfere with the Commercial wisdom of the CoC under limited scope as provided under Section 30 and 31 of IBC, which recently has been observed by the Hon'ble Supreme Court, in Kalparaj Dharamshi and another Vs Kotak Investment Advisors Ltd. and Ors and connected cases, referring to precedent such as Committee of Creditors of Ess....