2022 (1) TMI 568

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....hna Badrinath Nandula, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Party-in-Person ORDER 1. This application is filed by the Resolution Professional of M/s. Tejaswini Engineering Pvt. Ltd. (hereinafter referred to as "Corporate Debtor") under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "Code") for initiation of liquid....

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.... COC meeting, the applicant informed the members regarding the issuance of Form G for inviting the Expression of Interest from the prospective resolution applicants but the COC members deferred from taking decision on the same and on third COC meeting the members discussed about the valuations of financial assets of the Corporate Debtor and on view of the details of the Information Memorandum, no ....

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....ected to do anything more; but is obligated to initiate liquidation process under Section 33 (1) of I&B Code. The legislature has not endowed the adjudicating authority (NCLT) with the jurisdiction or authority to analyse or evaluate the commercial decision of the CoC much less to enquire into the justness of the rejection of the resolution plan by the dissenting financial creditors". 8. From t....

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....9848448727, is appointed as Liquidator. C. She shall issue public announcement stating that the Corporate Debtor is in liquidation. D. The Moratorium declared under Section 14 of the Code shall cease to operate here from. E. Subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor. This shall however not....