9911796707
TMI Blog2020 (12) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 461.15 lakhs, proposed by the Resolution Applicant, was less than the liquidation value of the assets of the Corporate Debtor - it is also pertinent to mention herein that recently the Hon ble Supreme Court of India in its judgement of committee of Creditors of Essar Steel India Limited through Authorised Signatory vs. Satish Kumar Gupta Ors. [ 2019 (11) TMI 731 - SUPREME COURT] where it was observed that the commercial wisdom has been exercised by the CoC after taking into count all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the COC. The company is ordered to be liquidated - moratorium declar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om of the Committee of Creditors cannot be interfered into by the Adjudicating Authority. The Hon ble Supreme Court affirmed K. Sashidhar s judgement 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 all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the coC. 4) Under the facts and circumstances as narrated above, we pass the following orders: a) The moratorium declared under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of India (Liquidation Process) Regulations, 2016. h) The personnel of the Corporate Debtor shall extend all assistance and co operation to the Liquidator as may be required by 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 office of the Corporate Debtor and Company Liquidator for information and compliance 5) Hence, the application so filed by the RP is allowed and in the circumstances, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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