2019 (6) TMI 675

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....udicating authority (NCLT). Learned counsel for the petitioner alleged that the CIRP process has not been carried out in accordance with the Insolvency & Bankruptcy Code 2016, as the erstwhile Board of Directors (BoD) have not been provided with all the documents including all resolution plans, liquidation value report, fair value report, report on section 29A etc, which are relevant to the matters to be discussed by the Committee of Creditors (CoC) in accordance with Sections 24, 25 and Regulations 19 and 21 etc of Insolvency Code. As such, the erstwhile Board of Directors were not able to effectively participate before the CoC and the whole CIRP process is vitiated. He placed strong reliance on the directions contained in para 22 of t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ents including Resolution Plans. The petitioner was aggrieved by the fact that NCLT has taken the application CA No.254 of 2019 filed by RP for approval of Resolution Plan without first deciding the preliminary issue of non-supply of all documents as only a redacted copy of the consolidated revised resolution plan of October 2018, which is under consideration by NCLT for approval, was provided during the course of hearing but the same has not only missing, blackened, redacted portions and pages. No opportunity has been provided to present its views before the CoC for consideration. In this view of the matter, the petitioner has filed the present writ petition and prayed that the CIRP process and the proceedings before NCLT may be quashed ....