1. Deepak Advertisement & Marketing, Marya House, A/322, Plot No. B66, 67, New Link Road, Andheri West, Mumbai400053, Maharashtra, India. ....... Respondent No. 1. 2. Gourmet Renaissance Pvt. Ltd., Having its office at 1500, BWing, Dalamal Towers, Free Press Journal Marg, Nariman Point Mumbai400021. Through its Resolution Professional Mrs. Vaishali Arun Patrikar, A2, Shanti Doot Society, Parvati Darshan, Opp. Muktangan English School, Pune, Maharashtra, PIN 411009. ....... Respondent No. 2. 3. The Nasik Merchants Co Operative Bank Ltd. Having its head office at A/16, Late Babubhai Rathi Chowk, Netaji Subhash Chandra Bose Marg, M.I.D.C. Satpur, Nashik, Maharashtra 422007. ....... Respondent No. 3 2 Present: For Appellant: Mr. Vijay Valson, Advocate. For Respondent: Mr. Rohit Rathi and Mr. Rahul Totla, Advocates for R3/NAMCO. JUDGMENT (09th February, 2023) Justice Anant Bijay Singh; The instant Appeal preferred under Section 61 of the Insolvency and Bankruptcy Code, 2016 (for short IBC) being aggrieved and dissatisfied by the order dated 05.08.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court No.I) in IA No. 244 of 2021 in C.P. (IB) No. 1661/MB/2018 wherein the application i.e. I.A. No. 244 of 2021 filed by the Resolution Professional Mr. Alkesh Rawka under Section 33 of the I&B Code read with Rule 11 of the NCLT Rules 2016 for initiating Liquidation Process against the Gourmet Renaissance Private Limited (Corporate Debtor). By which the Adjudicating Authority passed the following orders: "The application be and the same is allowed. Gourmet Renaissances Private limited shall be liquidated in the manner as laid down in ChapterIII of the Code with the following consequential directions: a) Ms. Vaishali Arun Patrikar having Registration No. IBBI/IPA/ 002/IPN00812/20192020/12566 to act as Liquidator of the Corporate Debtor. b) She shall issue public announcement stating that Corporate Debtor is in liquidation. c) The Moratorium declared under Section 14 of the IBC 2016 shall cease to operate here from. Company Appeal (AT) (Insolvency) No. 805 of 2021 3 d) Subject to section 52 of the IBC 2016 no suit or other legal proceedings shall be instituted by or against the Corporate Debtor. This shall however 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. e) All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. f) The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code, read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016. g) Personnel connected with the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as will be required for managing its affairs. h) The Liquidator shall be entitled to such fees as may be specified in the Resolution 5 of the 10th extended CoC meeting held on 16.01.2021. i) This Order 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. j) Copy of the Order shall be furnished to the IBBI, to the Regional Director (Western Region), Ministry of Corporate Affairs; Registrar of Companies & Official Liquidator, Maharashtra, the Registe