2019 (6) TMI 675

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..... P (IB) No.202/(PB)/2017 passed by adjudicating 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....

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....019, Annexure P-19, for providing all documents 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....

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....he CoC "afresh" to deliberate and consider the suggestions and objections of the erstwhile Board of Directors before passing any Resolution Plan (including CA No.286 of 2019) (P-19) will be treated as a preliminary issue. ii) The preliminary issue will be decided by the Adjudicating Authority before considering other Applications or before approval of any Resolution Plan (CA No.254 of 2019). iii) In deciding the said preliminary issue, Adjudicating Authority will be guided by the judgment of Hon'ble Supreme Court in Vijay Kumar Jain's case (supra) and shall not take into consideration any other past practice, procedure, directions, judgments or orders of Adjudicating Authority/NCLAT which are in contravent....