Confidentiality of CIRP valuation reports limits disclosure to committee creditors, while claims data already on record need not be separately furnished.

Regulation 35 of the CIRP Regulations makes fair value and liquidation value available to members of the committee of creditors, subject to confidentiality undertakings. A suspended promoter and shareholder who participated in the process without voting rights was not a committee member, so the resolution professional was bound to keep the valuation details confidential and need not disclose them. The admitted claims information also was not required to be separately furnished, as the applicant had participated in committee meetings, the minutes were on record, and the claims details were otherwise available in the process documents and on the corporate debtor's website.

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Issues: Whether the suspended promoter and shareholder was entitled to obtain the fair value and liquidation value of the corporate debtor and the details of claims admitted by the resolution professional.

Analysis: Regulation 35 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016 makes the fair value and liquidation value available to members of the committee of creditors, subject to an undertaking of confidentiality. The applicant was not a member of the committee of creditors but only a participant in the process without voting rights. The resolution professional was therefore bound to maintain confidentiality and was not required to disclose valuation details to the applicant. As regards admitted claims, the applicant had participated in the committee meetings, the minutes were placed on record, and the admitted claims were otherwise available in the process documents and on the corporate debtor's website.

Conclusion: The applicant was not entitled to the fair value or liquidation value, and no direction could be issued for disclosure of the claims information. The application was dismissed.

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