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2022 (2) TMI 17 - AT - Insolvency and BankruptcyEntitlement of Appellant(s)/ Applicant to be given a copy of Resolution Plan or any part of the Resolution Plan in the Appeal - whether the Appellant who has filed Appeal against the order of the Adjudicating Authority approving the Resolution Plan submitted by Respondent No.4 is entitled for a copy of Resolution Plan or any part of it in these proceedings? - HELD THAT:- Since Section 24 of the IB Code read with Regulation 21 (3) (iii) of Process Regulation 2016, makes it clear that all Members, who were to participate in the meeting of the Committee of Creditors had to be provided copies of all relevant documents. Thus, the entitlement of copy of documents during the CIRP is for only those who are to participate in CIRP. As per Section 24 of the Code, Operational Creditors or their representatives, if the amount of their aggregate dues is not less than 10% of the debt, are also entitled for notice of meeting of Committee of Creditors. Thus, the category of creditors including the Members of the suspended Board of Directors or the partners of the corporate persons, who are entitled to participate in the meeting of the Committee of Creditors are entitled to receive copies of all documents. Hon’ble Apex Court had occasion to consider these provisions of Code and the Regulations in context of right to have access to Resolution Plan by erstwhile/ suspended Board of Directors of the Corporate Debtor in Vijay Kumar Jain vs. Standard Chartered Bank and Ors. [2019 (2) TMI 97 - SUPREME COURT] - The Hon’ble Supreme Court held that Members of suspended Board are entitled to participate in the meeting of Committee of Creditors. They are also entitled to be given a copy of Resolution Plan before such meetings are held. When the right to Appeal on the ground enumerated in sub-section (3) of Section 61 is provided, unless the Appellant is aware of the contents of the Resolution Plan, how he will be able to satisfy the Appellate Court that the grounds enumerated in sub-section (3) of Section 61 are made out in reference to approval of the Resolution Plan. The provision of Section 61, sub-section (3) reaffirms the view that after approval of the Resolution Plan, Resolution Plan does not remain a confidential document, so as to deny its perusal to a claimant, who is aggrieved by the Plan and has come up on the Appeal - Resolution Plan after its approval by the Adjudicating Authority is no more a confidential document, so as to deny access to even a claimant. Now coming back to the facts of the present case, as submitted by the learned Counsel for the Respondent No.4 that there are more than 20,000 Operational Creditors apart from Financial Creditors and other stakeholders. It is noticed that before the Adjudicating Authority, Applications were filed by several Applicants including National Aviators’ Guild, Jet Aircraft Maintenance Engineers Welfare Association, Bhartiya Kamgar Sena, Jet Airways Cabin Crew Association etc. before the Adjudicating Authority praying for copy of Resolution Plan, which Application was rejected by detailed order dated 22nd February, 2021. We, thus, are not inclined to issue a direction to provide entire Resolution Plan to the Appellant herein. The prayer made by Appellant/ Applicant for the copy of Resolution Plan is decided accordingly.
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