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TMI Blog2020 (4) TMI 675X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency and Bankruptcy Code, 2016 hereinafter referred to as IB Code, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules, 2016 seeking reliefs under Section 9 of the IB Code in respect of M/s. Ardor Global Private Limited, a company having its registered office at Ahmedabad, Gujarat treating it as a Corporate Debtor. 1.2 This Adjudicating Authority admitted the said CP(IB) No. 33/2017 on 31.07.2017, and appointed Shri Ravi Kapoor, as the Interim Resolution Professional (hereinafter referred to as "IRP") and directed the applicant Operational Creditor to make public announcement of initiation of Corporate Insolvency Process of the Corporate Debtor Company and call for submission of claims un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in was validly proposed by the prescribed majority of votes and thereafter an interim application bearing IA No. 396 of 2017 was filed on behalf of CoC before this Adjudicating Authority seeking the recommendation of IBBI for recommendation of Shri Chandra Prakash Jain, the present applicant for his confirmation as Resolution Professional. 2. The RP of the Corporate Debtor Company, has filed IA No. 228 of 2018 in Company Petition (IB) No. 33 of 2017 for liquidation of the Corporate Debtor Company Ardor Global Private Limited under sections 33(1), 33(2) and 34(1) of the IB Code, 2016 and for the appointment of the Liquidator and to constitute supervisory sale committee of CoC to monitor/supervise the process of liquidation of Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the resolution passed by the CoC in the 12th meeting dated 24.04.2018 recommending the liquidation of the Respondent No. 1 i.e. Corporate Debtor Company as illegal, null and void and pass order setting aside and quashing the same. c. Pass order directing Respondents Nos. 1 to 8 to reconsider the resolution plan submitted by the Respondent No. 9 afresh and to consider the same as per the provisions of the IB Code and the object of the Code being to resolve the debts of the Corporate Debtor Company. d. In the event, the Respondent No. 9 is not inclined to proceed with the resolution plan, this Adjudicating Authority pass order permitting the Applicant to substitute the Respondent No. 9 with another resolution applicant on the same term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evances against the CoC, the resolution applicant would have preferred IA against the decision of the CoC. Whereas in the instant case, the IA is preferred by the suspended board of director of the Corporate Debtor Company. 7.3 Further, this Adjudicating Authority cannot question the wisdom of the CoC and their recommendation for liquidation of the Corporate Debtor Company. Reliance is placed upon the decision of Hon'ble National Company Law Appellate Tribunal in Kannan Triuvengandam v. M.K. Shah Exports Ltd. [2018] 97 taxmann.com 553 wherein it is held that commercial aspects of a resolution plan are to be dealt with by an expert body such as the Committee of Creditors. It was held that the Hon'ble NCLAT had no jurisdiction to sit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Process. This Adjudicating Authority vide its order dated 15.01.2018 extended the CIR Process for a further period of 90 days beyond 180 days. Accordingly, CIR Process expired on 26.04.2018. 9. Considering all the above said facts and circumstances, this Adjudicating Authority is of a considered view that there shall be an order of liquidation in respect of the Corporate Debtor Company Ardor Global Private Limited and direct the Liquidator to issue a public announcement stating that Corporate Debtor Company is in liquidation. 10. This Adjudicating Authority hereby appoint Mr. Chandra Prakash Jain, the Resolution Professional as 'Liquidator' under section 34(1) of the IB Code. The Liquidator shall send an intimation to the Registra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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