The application was filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC), by Mr. Amol Shripal Sheth, seeking to set aside the order dated 25.10.2018, which put Respondent No. 1 company into liquidation. The applicant also sought a direction for the Respondents to consider his settlement proposal. The applicant, a suspended board of director of Respondent No. 1 Company (Corporate Debtor), argued that the Tribunal has jurisdiction to decide whether the Committee of Creditors (CoC) considered his settlement proposal arbitrarily. Reliance Commercial Finance Limited had filed an insolvency petition, CP (IB) No. 66 of 2017, under Section 7 of IBC, which was admitted on 23.08.2017. A resolution plan submitted by Bluecraft Agro Pvt. Ltd. was rejected.

The application was filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC), by Mr. Amol Shripal Sheth, seeking to set aside the order dated 25.10.2018, which put Respondent No. 1 company into liquidation. The applicant also sought a direction for the Respondents to consider his settlement proposal. The applicant, a suspended board of director of Respondent No. 1 Company (Corporate Debtor), argued that the Tribunal has jurisdiction to decide whether the Committee of Creditors (CoC) considered his settlement proposal arbitrarily. Reliance Commercial Finance Limited had filed an insolvency petition, CP (IB) No. 66 of 2017, under Section 7 of IBC, which was admitted on 23.08.2017. A resolution plan submitted by Bluecraft Agro Pvt. Ltd. was rejected.