TaxTMI 
TaxTMI 
2026 (2) TMI 565
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....nder Section 61(1) of I & B Code, 2016 (to be referred to as Code hereafter), being aggrieved as against the order dated 25.11.2025 passed by learned adjudicating authority, NCLT, Chennai, in IA(IBC)/2436(CHE)/2024 in IBA/757/2019 by virtue of which, the aforesaid application filed by the Appellant was dismissed. 2. Brief facts of the case are that the Appellant is a Financial Creditor to Coastal Energen Private Limited. It had provided financial assistance to the said company along with a consortium of banks to set up a thermal power plant of 1200 MW in the district of Thoothukudi, Tamil Nadu. The said company, the corporate debtor was admitted into corporate insolvency resolution process (CIRP) vide order dated 04.02.2022 on the applic....
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....2024, filed the application IA/2034/2024 before Ld. Adjudicating Authority, to which RP filed reply on 04.11.2024. After going through the reply of the RP, the Appellant filed another application IA/2436/2024 seeking production of minutes of the monitoring committee and the valuation report on the grounds that they are necessary for adjudication of IA/2034/2024 on 12.12.2024. During the proceedings of the said applications, Ld. Adjudicating Authority on 25.11.2025 passed the impugned order in IA/2436/2024 dismissing the said application, against which he has filed the instant appeal. 3. The Appellant had contended before the Ld. Adjudicating Authority that on 16th CoC meeting held on 22.11.2023, the CoC deliberated on the said resolution....
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....ings in the application he had filed. 4. The Respondent in his reply to this application had stated that the application is not maintainable, that the Appellant himself had attended the joint lenders meeting, and in the said meeting, SBI was appointed to represent the Financial Creditors as a class in the monitoring committee, and the minutes of the monitoring committee meetings could have been obtained by the Appellant from SBI itself. He had stated that insofar as the valuation reports are concerned, sharing the valuation details are to be done in compliance with the provisions of the Code and the regulations made thereunder. He had further stated that in compliance of the provisions of Regulation 35 of IBBI (insolvency resolution proc....
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....eeking the following relief. (i) Adjudicating authority may be pleased to direct the Respondent to file valuation reports and minutes of the monitoring committee meetings; Ld. counsel for the Respondent submits that the minutes have already been supplied to the applicant as prayed for. As per the unamended regulation 35, the RP was not to provide the full valuation report to the COC members. The amendment came on 25.02.2024. The plan was approved on 22.11.2023. He submits that the applicant participated in every COC meeting and never raised objection on the valuation report. Considering the submissions under the regulation, we are not Inclined to grant relief. Application is dismissed." 6. The Appellant before ....
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....3(1) as provided under section 30(2) of Code as per his calculations. It will not be necessary for us to delve into his contentions in this regard, as that is still under adjudication before Ld. Adjudicating Authority and orders are yet to be passed. The order under challenge is the one where his prayer for providing the valuation reports to him has been rejected on the grounds that the valuation reports in full are not to be shared by the RP, in accordance with the provisions of Regulation 35 of IBBI (Liquidation Process) regulations as it existed prior to 15.02.2024. The said provisions are extracted hereunder: - Regulation 35: Fair value and Liquidation value. "[35. (1) Fair value and liquidation..................... ....