https://www.taxtmi.com/caselaws?id=447645 The NCLAT Principal Bench held that operational creditors, being mere participants and not members of the Committee of Creditors (CoC), have no right to obtain copies of information memoranda. The tribunal distinguished between members (financial creditors under Section 21(2)) and participants, noting that the Code and Regulations specifically provide for information memoranda to be supplied only to CoC members and resolution applicants under Section 29(2) and Regulation 36. The NCLAT found the lower court's reasoning erroneous and set aside the order, clarifying that legislative silence regarding participants indicates intentional exclusion from receiving such documents. en-us Tue, 10 Oct 2023 00:00:00 +0530 Mon, 01 Jan 2024 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447645 The NCLAT Principal Bench held that operational creditors, being mere participants and not members of the Committee of Creditors (CoC), have no right to obtain copies of information memoranda. The tribunal distinguished between members (financial creditors under Section 21(2)) and participants, noting that the Code and Regulations specifically provide for information memoranda to be supplied only to CoC members and resolution applicants under Section 29(2) and Regulation 36. The NCLAT found the lower court's reasoning erroneous and set aside the order, clarifying that legislative silence regarding participants indicates intentional exclusion from receiving such documents. Case-Laws Insolvency and Bankruptcy Tue, 10 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447645