Disclosure of valuation reports under Regulation 35 - summary liquidation value suffices; request for full reports denied, appeal dismissed.

Regulation 35 permits disclosure only of summary liquidation value to Committee of Creditors; the resolution professional therefore had no obligation to supply full valuation reports, and his actions complied with the Code. The appellant, who did not contest the liquidation value during CIRP, failed to show breach of natural justice or unfairness from denial of full reports; his claim of undervaluation is treated as an afterthought. A pending application seeking additional payment remains before the adjudicating authority and may be agitated there. The appellate tribunal found no error and dismissed the appeal.

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Issues: Whether the Adjudicating Authority erred in refusing to direct the Resolution Professional to produce the full valuation reports and minutes of the monitoring committee to a dissenting financial creditor seeking to challenge the post-approval distribution under an approved resolution plan.

Analysis: Regulation 35, as it existed at the relevant time, provided for disclosure of fair value and liquidation value in summary form to members of the Committee of Creditors on receiving confidentiality undertakings, and did not mandate sharing of full valuation reports. The Resolution Professional supplied the liquidation value in summary form and acted within the regulatory framework; the applicant had not previously contested the liquidation value during the CIRP and did not demonstrate unfairness or denial of natural justice that would warrant overriding the regulatory confidentiality regime. The challenge to the distribution amount remains a separate pending proceeding before the Adjudicating Authority.

Conclusion: The Adjudicating Authority's refusal to direct production of the full valuation reports and minutes is upheld; the application seeking production of full valuation reports is dismissed.

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