NCLT JUDGEMENT ON SECTION 9, 14, 33(1), 33(2), 34(I), 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

NAME		MOBILE NO.	E-MAIL I’D
RANJEET KUMAR		8383098478, 9667769795	rk@courtkutchehry.com
JAI THAKUR		8130703334, 9355723300	jai.thakur@courtkutchehry.com
RAJEEV RANJAN		9334553249	rajiv.ranjan@courtkutchehry.com
ASHOK MISHRA		9718327746	sales@courtkutchehry.com
RAVI KUMAR			ravi.singh@courtkutchehry.com

Bhupendra Singh Narayan Singh Rajput And Anr Vs. Committee Of Creditors And Ors, (2020) 08 NCLT CK 0074

NCLT allowed the application filed by the applicant, Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor filed the instant IA No. 350 of 2020 in the aforesaid Company Petition (IB) No. 564 of 2019 for liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as "IB Code") and for the appointment of the Liquidator. While allowing the application NCLT held that it is found that no response was received from any person or proposed Resolution Applicant and also, there is no ongoing business of the Corporate Debtor. Therefore, the CoC has resolved for liquidation of the Corporate Debtor vide its Fourth meeting dated 15.06.2020. 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 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 maximization of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or subclass of creditors lies with the CoC."