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2023 (7) TMI 587 - AT - Insolvency and BankruptcyPermission to applicant to intervene - direction to RP to serve a copy of the Resolution Plan - whether copy of the Resolution Plan, which has been approved by the CoC but awaits the approval of the Adjudicating authority, can be given to the Appellant who is neither a Claimant, nor a Creditor or a participant? - whether there is any provision in the Code for the purpose of giving a copy of the Resolution Plan to the Appellant who is neither a Claimant, nor a Creditor or a participant, even before the approval of Resolution Plan by the Adjudicating Authority? - HELD THAT:- The answer to this question is no more res integra as it has already been answered by this Tribunal in Association Jet Airways [2022 (2) TMI 17 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] and by the Hon’ble Supreme Court in the case of Vijay Kumar Jain [2019 (2) TMI 97 - SUPREME COURT] - In the case of Association of Jet Airways, this court categorically observed that “The above scheme of the Code also indicates that after Resolution Plan is submitted to the Adjudicating Authority and it is approved by the Adjudicating Authority, it no longer remains a confidential document, so as to preclude Regulator and other persons from access the said document.” In the case of Vijay Kumar Jain, it has also held that “Last but not least, a resolution plan which has been approved or rejected by an order of the Adjudicating Authority, has to be sent to “participants” which would include members of the erstwhile Board of Directors – vide Regulation 39(5) of the CIRP Regulations. Obviously, such copy can only be sent to participants because they are vitally interested in the outcome of such resolution plan, and may, as persons aggrieved, file an appeal from the Adjudicating Authority’s order to the Appellate Tribunal under Section 61 of the Code. Quite apart from this, Section 60(5)(c) is also very wide, and a member of the erstwhile Board of Directors also has an independent right to approach the Adjudicating Authority, which must then hear such person before it is satisfied that such resolution plan can pass muster under Section 31 of the Code.” None of the judgments, cited at the instance of the Appellant, either of this Tribunal or the Hon’ble Supreme Court has held that the copy of the Resolution Plan, which is still in the process of approval or rejection by the Adjudicating Authority, be given to a party who is neither a Claimant nor a Creditor or a participant - Therefore, there are no error on the part of the Adjudicating Authority in rejecting the application of the Appellant by way of the impugned order. Appeal dismissed.
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