2021 (5) TMI 1012

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....am Thirunavukkarasu, Member Technical ORDER Mr. Arjun Padiyar, Advocate appeared on behalf of Mr. Atul Shama, Advocate for the Applicant. (1) The instant application is filed under section 33 of the IB Code, 2016. (2) It is a matter of record that the C.P. (I.B) No. 482/2019 was admitted on 11.09.2019. In view of such admission, Mr. Dharit K Shah was appointed as IRP and thereafter was....

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.... 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 judgment 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 wis....

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....e, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. (e) This Authority makes it clear that para (d) hereinabove shall not apply to legal proceedings in relation to such transactions as notif....

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.... personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. (i) The Company Liquidator shall be entitled to charge such fee for the conduct of the liquidation proceedings in such a proportion to the value of the liquidation estate assets as may be specified by the Board. ....