The suspended management must be provided with the copy of the resolution plan – Teena Saraswat Pandey RP of Rajpal Abhikaran Pvt. Ltd. – NCLT Indore Bench
The Adjudicating Authority observed that it appears that it is undisputed fact that the copy of resolution plan has not been provided to the suspended management. Further the law has been well settled by the Hon’ble Supreme Court in the case of Vijay Kumar Jain Vs. Standard Chartered Bank & Ors. reported in [2019] ibclaw.in 24 SC. In view of the above, the suspended management must be provided with the copy of the resolution plan. However, the resolution professional can take an undertaking from members of the erstwhile Board of Directors to maintain confidentiality. In the present case, the reply of resolution professional to the objection of the suspended management, states about the 4th CoC meeting, wherein the procedure to obtain the data was informed. Hence, the 4th CoC meeting talks about the access to be provided to RA & CoC members and nowhere it talks about the access to be provided to the suspended management.
