Sharing of Information with Operational Creditor

A Non-Member of the CoC will not be entitled to get a copy of the Resolution Plan – Makesworth Industries Ltd. Vs. Pankaj Kumar Tibrewal, RP of Incab Industries Ltd. – NCLT Kolkata Bench

The Hon’ble NCLT Kolkata Bench referring judgment in Jet Airways (India) Ltd. (2022) ibclaw.in 66 NCLAT held that the applicant is not a member of the CoC and thus, he will not be entitled to get a copy of the resolution plan.

A Non-Member of the CoC will not be entitled to get a copy of the Resolution Plan – Makesworth Industries Ltd. Vs. Pankaj Kumar Tibrewal, RP of Incab Industries Ltd. – NCLT Kolkata Bench Read Post »

Till the resolution plan is approved by the Adjudicating Authority no part of the plan can be given to the Operational Creditor on his application – Pakhi Infra and Ors. Vs. Jabalpur MSW Pvt. Ltd. – NCLAT New Delhi

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Till the resolution plan is approved by the Adjudicating Authority no part of the plan can be given to the Operational Creditor on his application – Pakhi Infra and Ors. Vs. Jabalpur MSW Pvt. Ltd. – NCLAT New Delhi Read Post »

Operational Creditor being a participant in the meeting of the committee of creditors (CoC) has no right to seek a copy of the Information Memorandum(IM) – Vinay Kumar Singhal RP for PG Advertising Pvt. Ltd. Vs. Mahesh Bajaj – NCLAT New Delhi

The issue involved in this case is as to whether copy of information memorandum can be ordered to be given to the Respondent (Operational Creditor) who is merely a participant in the CoC and not a member?

Hon’ble NCLAT held that:
(i) There is no definition of member provided in the Code or the Regulations which has been repeatedly used in the Code as well as Regulations.
(ii) The Code and Regulations are totally silent about the supply of the information memorandum to the participant, it has to be inferred that the legislature has made a provision for providing a copy of the information memorandum to the member of the CoC and the Resolution Applicant but not to the participant of the meeting of the CoC
(iii) The Operational Creditor being a participant in the meeting of the CoC has no right to seek a copy of the information memorandum.

Operational Creditor being a participant in the meeting of the committee of creditors (CoC) has no right to seek a copy of the Information Memorandum(IM) – Vinay Kumar Singhal RP for PG Advertising Pvt. Ltd. Vs. Mahesh Bajaj – NCLAT New Delhi Read Post »

A complete set of Resolution Plan which is pending before NCLT for approval cannot be allowed to be shared with Operational Creditor – Oceanic Technical Services Vs. Ajay Joshi, RP for Indian Steel Corporation Ltd. – NCLT Mumbai Bench

An IA has been filed by an Operational Creditor under section 60(5) of IBC, 2016 against RP to share a copy of Resolution Plan approved by the Committee of Creditors and a copy of IA filed under Section 31 of IBC, 2016 for approval of Resolution Plan.
The Adjudicating Authority held that the precedent as laid down by the Hon’ble NCLAT in Jet Airways (India) Ltd. (2022) ibclaw.in 66 NCLAT that the resolution plan was not a confidential document, only after approval of the plan by the NCLT which is not the case in the present matter, as approval of the resolution plan by this bench is still pending. Moreover, the Applicant has been made aware of the treatment proposed for the operational creditors of the Corporate Debtor in the resolution plan. In such situation, this Tribunal cannot direct the RP to give a copy of the approved resolution plan submitted by the Respondent before this Tribunal and/or to share a copy of the Interlocutory Application/1562/2022 with the Applicant. In view of the same, we are of the considered opinion that a complete set of Resolution Plan cannot be allowed to be shared with the Applicant.

A complete set of Resolution Plan which is pending before NCLT for approval cannot be allowed to be shared with Operational Creditor – Oceanic Technical Services Vs. Ajay Joshi, RP for Indian Steel Corporation Ltd. – NCLT Mumbai Bench Read Post »

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