Operational Creditor Denied Access to Resolution Plan Due to Debt Threshold

The Adjudicating Authority ruled that the Applicant, categorized as an Operational Creditor with dues less than 10% of the total debt, was ineligible to receive a copy of the approved Resolution Plan. Despite the Applicant's concerns about potential interference with its rights as a Hotel operator, the Authority determined that the Applicant did not meet the criteria for access to the Resolution Plan based on Operational Creditors' rights. Consequently, the application was dismissed.

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Issues:
1. Request for direction to provide a copy of the Resolution Plan approved by the CoC to the Applicant.
2. Concerns regarding the rights of the Applicant as an operator of the Hotel under an independent contract.
3. Applicant's status as an Operational Creditor and entitlement to a copy of the Resolution Plan.
4. Interpretation of provisions regarding Operational Creditors' rights to participate in CoC meetings and access to Resolution Plan.
5. Determination of whether the Applicant qualifies as an Operational Creditor with dues not less than 10% of the total debt.

Analysis:

Issue 1: The Applicant sought a direction for the Resolution Professional to provide a copy of the approved Resolution Plan. The CoC had approved a Resolution Plan, and the Applicant filed an application to ensure its rights were protected.

Issue 2: The Applicant, as an operator of the Hotel under a contract, raised concerns about potential interference with its rights by the Resolution Plan, leading to the request for a copy of the Resolution Plan.

Issue 3: The Applicant, besides being the Hotel operator, was categorized as an Operational Creditor and filed an application to receive a copy of the Resolution Plan to safeguard its interests.

Issue 4: The Resolution Professional argued that only Operational Creditors with dues not less than 10% of the total debt were entitled to a copy of the Resolution Plan, citing legal precedents emphasizing the rights of Operational Creditors in CoC meetings.

Issue 5: The Adjudicating Authority analyzed the Applicant's claim as an Operational Creditor and found that its dues were less than 10% of the total debts of the Corporate Debtor. Consequently, the Applicant was deemed ineligible to receive the Resolution Plan based on the legal provisions governing Operational Creditors' participation.

In conclusion, the Adjudicating Authority disposed of the application, stating that the Applicant did not meet the criteria to receive a copy of the Resolution Plan due to its status as an Operational Creditor with dues below the required threshold.

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