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2022 (4) TMI 522 - Tri - Insolvency and BankruptcyEntitlement to copy of valuation report of the assets of corporate debtor to ex-directors - whether the suspended management of the Corporate Debtor is entitled to get the copy of the valuation reports prepared during CIRP? - whether Resolution Professional can supply the valuation report copy as per provisions of the IB Code? - HELD THAT:- Resolution plan is a highly confidential document but when such document is required to be given to the most affected parties being erstwhile members of the Board of Directors of the corporate debtor, then the valuation report in our view which is an important document having bearing onto the fate of corporate debtor must be supplied to ex-management. In present case it is the valuation report which is in question. Whether it can be shared by Resolution Professional with ex-directors specially when the ex-management alleges and apprehends that properties of corporate debtor are being valued and offered at throw away price. In our view, the ex-management is the appropriate concerned parties to comment on valuation of properties of corporate debtor. The corporate debtor is the body of Ex-management and they were in control and handling the same till CIRP initiation. It would be pre-judicial if they are not even allowed to view the valuation and point out the shortfalls in valuation, if any. There is no specific provision to not to share copy of valuation report with ex-directors, it is held that in interest of justice the copy of valuation report needs to be supplied to ex-directors, as already directed by the Predecessor Bench - the Resolution Professional are directed to supply copy of valuation report to the applicants within 2 days of this order. Application allowed in part.
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