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TMI Blog2021 (5) TMI 1012X X X X Extracts X X X X X X X X Extracts X X X X ..... nical ORDER Mr. Arjun Padiyar, Advocate appeared on behalf of Mr. Atul Shama, Advocate for the Applicant. (1) The instant application is filed under section 33 of the IB Code, 2016. (2) It is a matter of record that the C.P. (I.B) No. 482/2019 was admitted on 11.09.2019. In view of such admission, Mr. Dharit K Shah was appointed as IRP and thereafter was confirmed as RP. (3) The COC in its 8t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditors cannot be interfered into by the Adjudicating Authority. The Hon'ble Supreme Court affirmed K. Sashidhar's judgment that neither the Adjudicating Authority nor the Appellate Authority has been endowed with the jurisdiction to reverse the commercial wisdom of the CoC. The Hon'ble Supreme Court took the view that the commercial wisdom has been exercised by the CoC after taking into count al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or. 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 Orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y him in managing the affairs of the Corporate Debtor. (i) The Company Liquidator shall be entitled to charge such fee for the conduct of the liquidation proceedings in such a proportion to the value of the liquidation estate assets as may be specified by the Board. (j) The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, registered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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