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2019 (6) TMI 675

f Directors (BoD) have not been provided with all the documents including all resolution plans, liquidation value report, fair value report, report on section 29A etc, which are relevant to the matters to be discussed by the Committee of Creditors (CoC) - HELD THAT:- The issue raised by the present petitioner for providing all aforesaid documents and thereafter to convene a meeting of the CoC “afresh” to deliberate and consider the suggestions and objections of the erstwhile Board of Directors before passing any Resolution Plan (including CA No.286 of 2019) (P-19) will be treated as a preliminary issue. The preliminary issue will be decided by the Adjudicating Authority before considering other Applications or before approval of .....

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e documents including all resolution plans, liquidation value report, fair value report, report on section 29A etc, which are relevant to the matters to be discussed by the Committee of Creditors (CoC) in accordance with Sections 24, 25 and Regulations 19 and 21 etc of Insolvency Code. As such, the erstwhile Board of Directors were not able to effectively participate before the CoC and the whole CIRP process is vitiated. He placed strong reliance on the directions contained in para 22 of the judgment of the Hon'ble Supreme Court rendered in Vijay Kumar Jain Vs. Standard Chartered Bank Ltd. And others 2019 SCC OnLine SC 103. In the said matter, the Hon'ble Supreme Court directed that a copy of the resolution plan should be provided t .....

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dacted copy of the consolidated revised resolution plan of October 2018, which is under consideration by NCLT for approval, was provided during the course of hearing but the same has not only missing, blackened, redacted portions and pages. No opportunity has been provided to present its views before the CoC for consideration. In this view of the matter, the petitioner has filed the present writ petition and prayed that the CIRP process and the proceedings before NCLT may be quashed and directed to be started afresh. Apprehension was expressed that it has become a general practice in the CIRP process of various companies not to provide the copy of the resolution plan and various other documents to the Board of Directors during CIRP Process. .....

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plications or before approval of any Resolution Plan (CA No.254 of 2019). iii) In deciding the said preliminary issue, Adjudicating Authority will be guided by the judgment of Hon'ble Supreme Court in Vijay Kumar Jain's case (supra) and shall not take into consideration any other past practice, procedure, directions, judgments or orders of Adjudicating Authority/NCLAT which are in contravention, contradiction or derogation of the directions of the Hon''ble Supreme Court in the matter of Vijay Kumar Jain's case (supra). iv) Any judgment and order passed by the Adjudicating Authority on the aforesaid preliminary issue is directed to be kept inoperative for two weeks enabling the affected parties to exercise their appellate .....

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