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TMI Blog2020 (9) TMI 1033X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 14 of the IB Code shall cease to have effect from the date of the order of liquidation - Liquidator is further directed to issue public announcement stating that the Corporate Debtor is in liquidation - application allowed. - I. A. No. 41 of 2020 in CP ( IB ) No. 582 of 2018 - - - Dated:- 10-2-2020 - Manorama Kumari , Member ( J ) and Chocklingram Thirunavukkarasu , Member ( T ) For the Appellant : Rachna Pastore For the Respondent : Natasha D. Shah, Advocates ORDER Manorama Kumari , Member ( J ) 1. The Applicant, Resolution Professional of the Corporate Debtor filed the instant IA No. 41 of 2019 in the aforesaid Company Petition (IB) No. 582 of 2018 for liquidation of the Corporate Debtor under section 33(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 33 of the IB Code for liquidation of the Corporate Debtor. 3. Heard the applicant and also seen the records, it is found that no viable and feasible Resolution Plan has been received so far and Corporate Debtor has no running business. Therefore, the CoC has resolved for liquidation of the Corporate Debtor vide its 3rd meeting dated 12.12.2019. It is also to be noted that this Adjudicating Authority has no jurisdiction to interfere in the commercial wisdom of the CoC as observed in K. Sasidhar's case and subsequently also reiterated by Hon'ble Supreme Court of India in its judgement passed in Civil Appeal No. 8766-67 of 2019-Committee of Creditors of Essar Steel India Limited through Authorised Signatory vs. Satish Kumar Gup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r that para (d) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. f) The Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued 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 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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