TMI Blog2023 (9) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to Resolution Professional or any other party to give any information or evidence. The Resolution Professional has complied the Order dated 05th June, 2023 and filed the relevant evidence. At this stage, where Resolution Plan has already been approved, the issues raised by the Appellant has become academic and needs no further consideration in this Appeal. There are no reason to interfere with the Order dated 05th June, 2023 - appeal dismissed. - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellant : Mr. Abhimanyu Bhandari, Mr. Manish Paliwal , Mr. Sushant Pal , Advocates For the Respondents : Mr. Mohit Jolly and Mr. Veenu Drall , Advocates for RP JUDGMENT ASHOK BHUSHAN, J: 1. This Appeal has been filed against the Order dated 05.06.2023 passed by the National Company Law Tribunal, Court VI, New Delhi (hereinafter referred to as The Adjudicating Authority ) deciding I.A. No. 1756 of 2023. 2. Brief facts of the case necessary to be noticed for deciding this Appeal are:- a) The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP in short) against the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw Tribunal, New Delhi in I.A. No. 5981 of 2022 in CP(IB) No. 2115/ND/2019. 3. Pass such other and further order(s) as this Hon ble Adjudicating Tribunal may deem fit and proper in the facts and circumstances of the present case. f) The Adjudicating Authority by the Impugned Order dated 05th June, 2023 disposed of the Application and in Paragraph 6, following directions has been issued: 6. Taking into consideration the facts and circumstances of the present case, we allow the Resolution Professional to file the documents, as directed in IA 5981/2022 vide order dated 14.02.2023, in a sealed cover without e-filing. The objections raised by the shareholders with respect to the Resolution Plan, as well as the documents on the basis of which the claims of the CoC members were admitted, as well as the additional documents submitted by the RP in sealed cover will be considered and examined before approval of the Resolution Plan. g) The Appellant aggrieved by the order dated 05th June, 2023 has come up in this Appeal. 3. We have heard Learned Counsel-Mr. Abhimanyu Bhandari appearing for the Appellant and Mr. Mohit Jolly appearing for the Resolution Professional. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly with the Order dated 14.02.2023 which prayer was granted by the Adjudicating Authority by the Impugned Order. In the Order which we have extracted above, the Adjudicating Authority has observed that the objections raised by the shareholders with respect to the Resolution Plan as well as documents on the basis of which the claims of the CoC members were admitted, will be considered and examined before the approval of the Resolution Plan. 8. The Copy of the Order passed by the Adjudicating Authority approving the Resolution Plan on 01st August, 2023 has been placed by Resolution Professional for consideration of the Court. 9. In paragraph 10 of the Order, the Adjudicating Authority has held: 10. The next objection is with respect to the wrongful admission of claim of Financial Creditor i.e., DMI Finance Private Limited, this Tribunal had directed the Resolution Professional to submit the claim admitted of DMI Finance with all the supporting documents and calculations. In compliance of the above, the RP had submitted the details via additional affidavit. We have gone through the documents. We are satisfied with the calculations and supporting documents as provided by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity. It also tilts the balance of power in a litigation in favour of a dominant party which has control over information. Most often than not this is the state. A judicial order accompanied by reasons is the hallmark of the justice system. It espouses the rule of law. However, the sealed cover practice places the process by which the decision is arrived beyond scrutiny. The sealed cover procedure affects the functioning of the justice delivery system both at an individual case- to case level and at an institutional level. However, this is not to say that all information must be disclosed in the public. Illustratively, sensitive information affecting the privacy of individuals such as the identity of a sexual harassment victim cannot be disclosed. The measure of nondisclosure of sensitive information in exceptional circumstances must be proportionate to the purpose that the non-disclosure seeks to serve. The exceptions should not, however, become the norm. 11. The Hon ble Supreme Court in the above case was considering a case of officials who were denied permanent commission. In the aforesaid background, aforesaid observations were made. The present Appeal arises out of Insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation means the information required by the resolution applicant to make the resolution plan for the corporate debtor, which shall include the financial position of the corporate debtor, all information related to disputes by or against the corporate debtor and any other matter pertaining to the corporate debtor as may be specified. 14. CIRP Regulations, Regulation 36, deals with Information Memorandum. As per Regulation 36, sub-Regulation (2), (d) Information Memorandum is to contain a list of creditors containing the names of creditors, the amounts claimed by them, the amount of their claims admitted and the security interest, if any, in respect of such claims. Regulation 36, Sub-Regulation 2 (d) is as follows: 36. (2) The information memorandum shall contain the following details of the corporate debtor- .. (d) a list of creditors containing the names of creditors, the amounts claimed by them, the amount of their claims admitted and the security interest, if any, in respect of such claims; 15. Sub-Regulation 3 of Regulation 36 of CIRP Regulations, 2016 provides that a member of the Committee may request the Resolution Professional for further inf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic form including e-mails, books of accounts, book or paper, written communications, statements, contracts, electronic certificates and such other similar mode of transactions as may legally be permitted to take into account of those as admissible as evidence under the relevant laws. (3) Where any party preferring or contesting a petition of oppression and mismanagement raises the issue of forgery or fabrication of any statutory records, then it shall be at liberty to move an appropriate application for forensic examination and the Bench hearing the matter may, for reasons to be recorded, either allow the application and send the disputed records for opinion of Central Forensic Science Laboratory at the cost of the party alleging fabrication of records, or dismiss such application. 17. The Adjudicating Authority is thus fully empowered for calling information or evidence from the parties. The power under Rule 43 shall also encompass power to call information from Resolution Professional. As noted above, the Adjudicating Authority by an Order dated 14th February, 2023 directed the Resolution Professional to file Additional Affidavit along with all supporting documents an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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