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TMI Blog2021 (1) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... e noted that this Adjudicating Authority has no jurisdiction to interfere in the commercial wisdom of the CoC as observed in COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA OTHERS [ 2019 (11) TMI 731 - SUPREME COURT] . The application so filed by the RP under Section 33 34 of the IB Code, 2016 is allowed and the Adjudicating Authority passes an order for initiation of liquidation of the Corporate Debtor viz., Aditya Exim Limited. The RP i.e. Shri Gordhanbhai Ratnabhai Godhani, shall act as the Liquidator for the purpose of liquidation of the Corporate Debtor - moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was received and the Corporate Debtor does not possess significant assets. Also, the bank balance available in the Bank account of the Corporate Debtor was insignificant/inadequate to pay the fees/ remuneration of professionals. Hence, CoC decided to file an application for Liquidation of the Corporate Debtor through RP under section 33 of the IB Code. 3. Heard the applicant and also seen the records, it is found that no viable Resolution Plan was received and the Corporate Debtor does not possess significant assets. Also, the bank balance available in the Bank account of the Corporate Debtor was insignificant/inadequate to pay the fees/ remuneration of professionals. Therefore, the CoC has resolved for liquidation of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r is required to send certified copy of this order to the authority with which the Corporate Debtor is registered. d) Subject to Section 52 of the IB Code, 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 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 Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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