TaxTMI 
TaxTMI 
2025 (12) TMI 1672
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....s for Respondent/ Administrator. JUDGMENT ASHOK BHUSHAN, J. This appeal by a Suspended Director of the corporate debtor AVIOM India Housing Finance Pvt. Ltd. has been filed challenging the order dated 18.11.2025 passed by the adjudicating authority (National Company Law Tribunal, New Delhi, Court - V) rejecting I.A. No. 5599/2025 filed by the appellant. 2. Brief facts of the case necessary to be noticed for deciding the appeal are: i. The Reserve Bank of India in exercise of power under Section 45-IE(1) of the Reserve Bank of India Act, 1934 has superseded the Board of Directors of AVIOM India Housing Finance Pvt. Ltd. vide notification dated 27.01.2025. Reserve Bank of India appointed one Mr. Ram Kumar as administrator....
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....for the appellant as well as learned counsel Mr. Anoop Rawat appearing for the respondent. 4. Learned counsel for the appellant challenging the order submits that appellant being Suspended Director of the corporate debtor is entitled for copy of resolution plan submitted by PRA. Learned counsel for the appellant has placed reliance on the judgment of the Hon'ble Supreme Court in 'Vijay Kumar Jain' Vs. 'Standard Chartered Bank & Ors.' reported in [(2019) 20 SCC 455]. 5. Learned counsel appearing for the respondent submits that appellant is not entitled to participate in the CIRP process of the financial service provider nor is entitled for copy of the resolution plan. The management of financial service provider was superseded by the R....
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....Finance Capital Ltd., the corporate debtor was also financial service provider whose Board of Director was superseded by the Reserve Bank of India and thereafter CIRP commenced against the corporate debtor. The appeals which were filed by ex-Promoter has been noticed in paragraph 10(4) of the judgment, which is as follows: "10. Learned senior advocate Mr. Kapil Sibal, appearing for the ex-promoters Kapil Wadhawan and Dheeraj Wadhawan made the following submissions: (iv) The avoidance applications are filed in respect of sections 43, 44, 45, 46, 50 and 51, falling within Chapter III. The provisions pertaining to the fraudulent trading or wrongful trading fall under section 66 contained in Chapter VI. Considering the scheme ....
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....e 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 the resolution plans in accordance with the Code (see regulation 35(2)). Also, under regulation 38(1A), a resolution plan shall include a statement as to how it has dealt with the interest of all stakeholders, and under sub-regulation (3)(a), a resolution plan shall demonstrate that it addresses the cause of default. This regulation also, therefore, recognises the vital interest of the erstwhile board of direc....
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....d any right to attend the meetings of the CoC or to participate in the CIRP proceedings initiated under the IBC, which right otherwise would have been available to the directors suspended under the IBC. In the absence of any specific provision in the IBC or the Regulations, 2016, they, as the members of the superseded board of directors, could not have made any claim to have a copy of proposed the RPs submitted by the PRAs during the CIRP proceedings. Nonetheless, pertinently the RP after having been approved by the NCLT under section 31 of the IBC, would become a "public document" within the meaning of section 74 of the Indian Evidence Act, 1872 and therefore, they would be entitled to get, at the most, a certified copy of the approved RP.....