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2018 (9) TMI 1222 - Tri - Insolvency and BankruptcyDisallowing the representatives of the Corporate Debtor including the applicant to participate in the CoC meetings - Held that:- What appears to us is that this applicant/Director wants to delay these proceedings by projecting this as violation to the rights of this applicant. Assuming violation of provision has happened, then also the Applicant has to show not only violation of some provision of law but also to show that such violation will adversely affect the interest of him. Here, he has not shown any averment reflecting that violation of some provision will adversely affect the interest of him. After examining the orders passed by Hon'ble NCLAT, we are of the view that Hon'ble NCLAT has not given any direction in those two cases that resolution plan has to be provided to the suspended directors, in fact, the Hon'ble NCLAT has said that when it is a confidential information it need not be parted with the other contending resolution applicants. This indicates that if the information is confidential, COC could keep it to itself to maximise the valuation of the assets. If these kind of applications are entertained, it is difficult for the RPs as well as COC to complete the process within the time lines given under the Code. Notwithstanding the timelines, since we have not found any merit in this application moved by the suspended director, this application is disposed of with the directions below. This Application is hereby disposed of giving liberty to this applicant to attend the COC meetings but not to insist upon the COC or the Resolution Professional to provide information which is considered as confidential by the Resolution Professional or the COC.
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