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TMI Blog2019 (12) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDICIAL ORDER The Applicant is represented through learned counsel. 1. The instant application is filed under section 33(1), 33(2), 33(3) of the IB Code on 24.10.2019. 2. On perusal of the record, it is found that there is an order passed on 08.11.2019 by the erstwhile Division Bench under section 22(3)(b) of the IB Code for replacement of IRP, Mr. Manish Kumar Bhagat with the RP, Mr. Parag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... favour of the liquidation vide 100% voting. Since, the decision is taken by the Committee of Creditors, this Adjudicating Authority has no jurisdiction to interfere into the commercial wisdom of the Committee of Creditors in view of the settled position as observed by Hon'ble Supreme Court in its judgement passed in Civil Appeal No.8766-67 of 2019- Committee of Creditors of Essar Steel India L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the Application, the Application so filed by the Committee of Creditors is allowed with the following observation: a) The moratorium declared under Section 14 of the 1B 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 req ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tinued during the liquidation process by the Liquidator. g) All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the Company Liquidator. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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