2022 (12) TMI 825

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....e applicant Ms. Teena Saraswat Pandey-Resolution Professional of the corporate debtor- Rajpal Abhikaran Private Limited for approval of the Resolution Plan submitted by Agarwal Real City Private Limited. 2. The Corporate Debtor was admitted in the Corporate Insolvency Resolution Process ("CIRP") on 26.03.2021. Ms. Teena Saraswat Pandey was appointed as Interim Resolution Professional (IRP), who made public announcement of CIRP of the Corporate Debtor and called upon its creditors to submit claims with requisite proof. 3. The brief submissions made by the applicant are as under: (i) The IRP formed the Committee of Creditors ("COC") consisting of the following financial creditors having voting percentage right as stated below: Sr. Nam....

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....CoC meetings was never provided with the copies of the resolution plan placed before the CoC which is against the provisions of the Code. Reliance is placed on the judgement passed by Hon'ble Supreme Court in the matter of Vijay Kumar Jain V/s Standard Chertered Bank and Ors. 5. However, resolution professional through its reply dated 21.05.2022, replied to the objections of the suspended management; the reply to the said objection is reproduced below: "2. In the present case, in the 4th CoC meeting dated 03.07.2021, wherein the suspended management along with other members were informed about the procedure of obtaining data / documents of the company , RP stated in the meeting that she will create a data room where IM/all data of the co....

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....and must state for the record that such person has received the agenda and all relevant material for the meeting which would include the resolution plan to be discussed at such meeting. Regulation 35 makes it clear that the resolution professional shall provide fair value and liquidation value to every member of the committee only after receipt of resolution plans in accordance with the Code [see regulation 35(2)]. Also, under Regulation 38(1)(a), a resolution plan shall include a statement as to how it has dealt with the interest of all stakeholders, and under sub-clause 3(a), a resolution plan shall demonstrate that it addresses the cause of default. This Regulation also, therefore, recognizes the vital interest of the erstwhile Board of ....