Adjudicating Authority cannot reverse the decision of Liquidator supported by Stakeholders Consultation Committee(SCC) to avail “Vivad Se Vishwas-II (Contractual Disputes) Scheme”, launched by Department of Expenditure, Ministry of Finance – Sanjeev Kumar Mishra Vs. Nirmal Kumar Agarwal, Liquidator of Abhijeet Hazaribagh Toll Road Ltd. – NCLT Kolkata Bench

In this case, the IA was preferred an Operational Creditor challenging the propriety of the decision taken by Stakeholders Consultation Committee to seek benefit of Vivad Se Vishwas-II (Contractual Disputes) Scheme.

NCLT Kolkata Bench held that it is almost trite, axiomatic and settled law that Adjudicating Authority cannot act as a Court of equity or exercise plenary powers to unilaterally reverse the decision of the Liquidator based on commercial wisdom and supported by the stakeholders. That apart the Applicant being an Operational Creditor, with claim worth four lakhs should not be allowed to oppose the move or question the wisdom of the Stakeholders Consultation Committee Members.

Adjudicating Authority cannot reverse the decision of Liquidator supported by Stakeholders Consultation Committee(SCC) to avail “Vivad Se Vishwas-II (Contractual Disputes) Scheme”, launched by Department of Expenditure, Ministry of Finance – Sanjeev Kumar Mishra Vs. Nirmal Kumar Agarwal, Liquidator of Abhijeet Hazaribagh Toll Road Ltd. – NCLT Kolkata Bench Read Post »