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TMI Blog2019 (12) TMI 1393X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Authority passes an order for initiation of liquidation of the Corporate Debtor viz., M/s. Gupta Dyeing and Printing Mills Pvt. Ltd. Mr. Manish Kumar Bhagat shall act as the Liquidator for the purpose of liquidation of the Corporate Debtor. - IA No. 544 of 2019 in CP (IB) No. 537 of 2018 - - - Dated:- 19-12-2019 - Manorama Kumari, Member (J) and Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Atul Sharma, Advocate ORDER Manorama Kumari, Member (J) 1. The Applicant, the Resolution Professional (hereinafter referred as RP ) of the Corporate Debtor filed the instant IA No. 544 of 2019 in the aforesaid Company Petition (IB) No. 537 of 2018 for liquidation of the Corporate Debtor under section 33(1) (a) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant and also seen the records, it is found that no viable and feasible Resolution Plan has been received so far and Corporate Debtor is also not operational. Therefore, the CoC has decided to recommend for liquidation of the Corporate Debtor vide its 7th meeting dated 02.08.2019. 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 Gupta Ors. observed as follows: The commercial wisdom of the Committee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elation 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 50, 52 to 54 of the IB Code, 2016, read with Insolvency and Bankru ..... X X X X Extracts X X X X X X X X Extracts X X X X
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