The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application was preferred by Abhijeet Hazaribagh Toll Road Limited, an Operational Creditor, challenging the decision taken by the Stakeholders Consultation Committee (SCC) at its meeting on 2023-07-10 to seek benefit of the Vivad Se Vishwas-II (Contractual Disputes) Scheme. The applicant contends that the liquidator's decision to settle with NHAI under the scheme is not in the best interest of the corporate debtor and that the liquidator is bound to follow the liquidation process as envisaged under the Code and Regulations.
Sanjeev Kumar Mishra is the Operational Creditor. Abhijeet Hazaribagh Toll Road Limited is the Corporate Debtor. Nirmal Kumar Agarwal is the Liquidator of Abhijeet Hazaribagh Toll Road Limited. An arbitral award of Rs. 234,59,51,401.46 was awarded against NHAI, which is under challenge before the Delhi High Court. The total claim of the Financial Creditor is Rs. 555 crores. The Stakeholders Consultation Committee (SCC) decided to seek benefit of the Vivad Se Vishwas-II (Contractual Disputes) Scheme at its meeting held on 2023-07-10. The last date for availing benefit under the scheme is 2023-10-30. The Operational Creditor challenges the decision of the SCC, arguing that the liquidator should not have negotiated with NHAI at a lower value. The liquidator contends that
…Sign in to view the parties.
The Stakeholders Consultation Committee…
The Ministry of Finance, Department of…
The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application was preferred by Abhijeet Hazaribagh Toll Road Limited, an Operational Creditor, challenging the decision taken by the Stakeholders Consultation Committee (SCC) at its meeting on 2023-07-10 to seek benefit of the Vivad Se Vishwas-II (Contractual Disputes) Scheme. The applicant contends that the liquidator's decision to settle with NHAI under the scheme is not in the best interest of the corporate debtor and that the liquidator is bound to follow the liquidation process as envisaged under the Code and Regulations.
Sanjeev Kumar Mishra is the Operational Creditor. Abhijeet Hazaribagh Toll Road Limited is the Corporate Debtor. Nirmal Kumar Agarwal is the Liquidator of Abhijeet Hazaribagh Toll Road Limited. An arbitral award of Rs. 234,59,51,401.46 was awarded against NHAI, which is under challenge before the Delhi High Court. The total claim of the Financial Creditor is Rs. 555 crores. The Stakeholders Consultation Committee (SCC) decided to seek benefit of the Vivad Se Vishwas-II (Contractual Disputes) Scheme at its meeting held on 2023-07-10. The last date for availing benefit under the scheme is 2023-10-30. The Operational Creditor challenges the decision of the SCC, arguing that the liquidator should not have negotiated with NHAI at a lower value. The liquidator contends that
…The Stakeholders Consultation Committee…
The Ministry of Finance, Department of…