2019 (9) TMI 1452

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....to direct the Resolution Professional/Respondent No. 1 to issue a copy of the Resolution Plan so approved by the CoC to the Applicant and/or pass any other further orders as may be necessary in the facts and circumstances of the case. 2. It is submitted that the CoC approved a Resolution Plan, pursuant to which RP filed the above application vide IA No. 32 of 2019 seeking directions from this Adjudicating Authority for approving the said Resolution Plan. 3. It is submitted that, since vital rights of the Applicant herein as an operator of the Hotel under independent arm's length contract were a matter of concern and in order to ensure that such rights were not wrongfully interfered with by the Resolution Plan, the Applicant herein had....

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....ticipate in the meetings of CoC only if the amount of their aggregate dues is not less than ten percent of the total debt of the Corporate Debtor. Therefore, only the Operational Creditors who are entitled to participate in the meetings of the CoC would be provided with a copy of Resolution Plan. Reliance has also been placed on the decision of the Hon'ble Apex Court in Vijay Kumar Jain vs. Standard Chartered Bank wherein it is held: "Section 24(3)(b) is important in that, the resolution professional has to give notice of each and every meeting of the committee of creditors, inter alia, to members of the suspended Board of Directors. Like operational creditors who may attend and participate in such meetings, provided the aggregate due....

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.... not imply that a potential Resolution Plan should be handed over to such members of ex-Board of Directors and Operational Creditors or even other Resolution Applicants. [Rajputana Properties P. Ltd. Vs. Ultra Tech Cement (P) Ltd. [2018] 144 CLA 490 (NCLAT)]. The Hon'ble Supreme Court also ruled in the case of Vijay Kumar Jain Vs. Standard Chartered Bank & Ors. [(2019) SCC Online SC 103] that only participants eligible to attend CoC Meeting will be given a copy of Resolution Plan. 12. It is pertinent to note here that on an application preferred by CEC & NCC/Operational Creditors of the Corporate Debtor, seeking a seat in the CoC in the instant CIRP itself, Hon'ble NCLAT has categorically held in Company Appeal No. 501/2018 as unde....