Liquidator cannot brushed aside the decisions arrived at by the Interim Resolution Professional/‘Resolution Professional’ except for any subsequent development as arisen in respect of the claims – Axis Bank Ltd. Vs. Samruddhi Realty Ltd. – NCLAT Chennai
NCLAT holds that a Tribunal has the power to look behind the judgement on which the Creditor cements his proof with a view to decide whether the Debt is really and truly due. A Liquidator has these powers, while functioning in a quasi, judicial status. As a matter of fact, the Tribunal and the Liquidator may not look behind every decision/judgement as a matter of routine. A Tribunal can interfere where the Liquidator has not exercised his discretion in a bona fide manner or he was proposing to do an act which no reasonable or prudent person will do. A Liquidator as an Officer of the Tribunal is to act justly and fairly while dealing with an individual who has an adverse claim to his own and does not stand on his right either in equity or in Law, as opined by this Tribunal.