There is no Regulation or law which provide that Resolution Professional should open Resolution Plan in presence of CoC and Prospective Resolution Applicant (PRAs) – Shrinivas Spintex Pvt. Ltd. Vs. Hinganghat Infrastructure Pvt. Ltd. and Ors. – NCLAT New Delhi
In this case, Resolution Applicant submits that it was due to transparency that password was not given by RPA to the Resolution Professional and hard copy was opened by the Resolution Professional which is not in accordance with Regulations.
Hon’ble NCLAT held that Regulation 39 of the CIRP Regulations, 2016 also requires the Resolution Professional to look into the Resolution Plan submitted by the Applicants and to place the plan before CoC which is in compliance with Section 30(2). The opening of Resolution Plan by Resolution Professional is essential for further process in the CIRP.
The Resolution Professional without opening the plan cannot come to any opinion whether the plan is complaint to Section 30(2) or not. There is no regulation or law which provide that the Resolution Professional should open the plan in presence of CoC and PRAs.
