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TMI Blog2021 (11) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... 18-11-2021 - M.B. Gosavi, Member (J) And Ajai Das Mehrotra, Member (T) For the Appellant : Kamal Lokhandwala ORDER Ajai Das Mehrotra, Member (T) (Through Video Conferencing) 1. The order has been pronounced in the instant petition and also uploaded on the website. However, on perusal of the order, it is noted that some typographical error occurred in the order wherein the name of the counsel is mentioned as Mr. Kamal Lokhandwala in place of Mr. Kamil Lokhandwala and at para 7 the Application number has been mentioned as IA No. 354 of 2020 in place of IA No. 354 of 2021. Also at para 7 sub para 1 and 12, CP(IB) No. 807/9/NCLT/AHM/2019 is typed as CP(IB) No. 807/9/NCLT/AHM/2021 and CP No. 807/9/JPR/2019 respectively and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CoC. 5. The CoC in the 3rd meeting held on 07.04.2021 discussed that as there are no assets with the Corporate Debtor, the chance of Resolution is rare. Thus decided not to publish expression of interest and invite resolution plan. Thereby, the CoC in the 4th meeting held on 11.05.2021 had unanimously resolved to liquidate the Corporate Debtor and also resolved to appoint the Applicant herein Mr. Darshan Bharatbhai Patel bearing registration No. IBBI/IPA-001/IP-P01579/2018-19/12442 as a liquidator under Section 34 (4) of the Code. Further in accordance with Regulation 39D of CIRP Regulations, liquidator's fee was fixed to the tune of ₹ 40,000/- per month. Shri Rushi Dattani, being suspended management present in the 4th meetin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the voting share to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clause (i). (ii) and (iii) of clause (b) of Sub-Section (1) 7. The Hon'ble National Company Law Appellant Tribunal ('NCLAT'). in Praveen Kumar Nand Kumar Vs. VSL Securities Pvt. Ltd. in ca No. 1/2020 in ca No. 308/2000, dated 09.06.2020, observed as under:- Likewise, the decision of the CoC recommending liquidation of the corporate debtor after proper evaluation of the assets and liabilities of corporate debtor with no Resolution Plan forthcoming would be a business decision falling within the domain of commercial wisdom of the CoC which is not amenable to judicial review. 8. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inst the Corporate Debtor; Provided that a suit or other legal proceedings may be instituted by the Liquidator on behalf of the Corporate Debtor, with the prior approval of the Adjudicating Authority; 5) The provisions of sub-section (5) of Section 33 of the Code shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator; and 6) This order of liquidation under Section 33 of the Code 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; and 7) All the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Code respectively are pending. The said IAs have bearing on the issues in liquidation proceedings, they are directed to be listed along with the CP No. 807/9/JPR/2019 when the matter is next placed before this Adjudicating Authority. If so advised, the liquidator may move appropriate applications for prosecution of the said applications by a suitable person/entity instead of the RP and the Liquidator is not precluded from caring on the said proceedings. 13) Registry is directed to upload this order on the official website within maximum two working days from the date of this order. The authenticated copy of this order also be sent by the registry to the Financial Creditor, Corporate Debtor, Registrar of the Company, Resolution Profe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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