2019 (10) TMI 596

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....ocate Shiraz Rustomjee, Shivani Garg, Nishi Bhankharia i/b Trilegal For The Resolution Applicants : Sr. Adv. Gaurav Joshi, Aakanksha Saxena, Janaki Gadre, Aman Kacheria i/b Rashmikant & Partners, for SSG Group ORDER Per: M. K. Shrawat, Member (J) 1. The Corporate Insolvency Resolution Process of Uttam Galva Metallics Limited (the Corporate Debtor) began on 11.07.2018, pursuant to admission of Section 7 application (CP 2054/I&BP/NCLT/MB/2018) filed by a Financial Creditor State Bank of India. Mr. Rajiv Chakraborty was appointed as the Interim Resolution Professional (IRP). 2. The present Miscellaneous Application has been preferred under section 60(5) of I&BC by the operational creditor of the Corporate Debtor (Applicant), hav....

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....solution plan approved by the CoC filed before this Bench in Miscellaneous Applications No. 1802 of 2019 in Uttam Galva Mettalics Ltd. The resolution plan for the two Corporate Debtors has not been heard by this Bench, owing to the pendency of applications regarding objections against the resolution plan. 7. It was directed to the concerned parties to complete the pleadings before the hearing of applications regarding objection to the resolution plan. The unsuccessful resolution applicant states that its resolution plan has not been shortlisted to be put up before the CoC wrongly and CoC's decision to approve the resolution plan of Carval is wrong in law. So in order to establish his case, the unsuccessful Resolution Applicant vehemently....

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....are already filed before this Bench and are now a part of record of a court of law. Therefore, the same are public documents and should be accessible to the general public. Hence, it is submitted that the denial to share the minutes of CoC meetings is wrong in law. The minutes contain the reasoning given by CoC to approve the resolution plan of Carval which is lesser in value that what SSG group (the unsuccessful Resolution Applicant) was offering. 11. Mr. Gaurav Joshi further argued that it is only the RP that is bound to ensure the confidentiality of the information in relation to CIRP, under clause 21 of the First Schedule under Regulation 7(2)(h) of the Insolvency Professional Regulations, 2016. This regulation does not bind the o....

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....d and I assume that the unsuccessful Resolution Applicant's objections to the resolution plan are well placed before me in that Application. Further, by demanding the minutes of CoC meetings in the garb of completion of pleadings is nothing but an attempt to polish its case for objecting Carval's Resolution Plan. 15. Regulation 35(2) of the IBBI (Insolvency Resolution process for Corporate Persons) Regulations, 2016 is crystal clear in terms of maintaining confidentiality of Liquidation value and Fair market value of the Corporate Debtor. It provides that: "After the receipt of resolution plans in accordance with the Code and these regulations, the resolution professional shall provide the fair value and the liquidation value to....