This case involves an appeal preferred by the Director of Ruchi Soya Industries Limited ('Corporate Debtor') against the Committee of Creditors (CoC) for not providing copies of the resolution plans to the (suspended) Board of Directors for their comments. The appellant argued that the approved resolution plans are binding in nature on the members and other stakeholders under Section 31 of the I&B Code, and therefore, the CoC had a duty to provide the resolution plans to the Board of Directors.
The Director of Ruchi Soya Industries Limited, the 'Corporate Debtor', filed an appeal because the 'Committee of Creditors' (CoC) did not provide copies of the 'resolution plans' to the (suspended) Board of Directors for their comments. The appellant argued that under Section 31 of the I&B Code, approved resolution plans are binding, making it the CoC's duty to share these plans with the Board. The CoC, represented by Mr. Ramji Srinivasan, argued that the resolution plans are confidential and cannot be disclosed to anyone, including the Board or Operational Creditors. The case references Section 24 of the I&B Code, concerning CoC meetings, and Regulations 19 and 21 of the IBBI regulations. The appellant sought the resolution plans to be provided to the Board of
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Director of Ruchi Soya Industries Limited…
Reference to the judgment dated 24th May, 2018,…
This case involves an appeal preferred by the Director of Ruchi Soya Industries Limited ('Corporate Debtor') against the Committee of Creditors (CoC) for not providing copies of the resolution plans to the (suspended) Board of Directors for their comments. The appellant argued that the approved resolution plans are binding in nature on the members and other stakeholders under Section 31 of the I&B Code, and therefore, the CoC had a duty to provide the resolution plans to the Board of Directors.
The Director of Ruchi Soya Industries Limited, the 'Corporate Debtor', filed an appeal because the 'Committee of Creditors' (CoC) did not provide copies of the 'resolution plans' to the (suspended) Board of Directors for their comments. The appellant argued that under Section 31 of the I&B Code, approved resolution plans are binding, making it the CoC's duty to share these plans with the Board. The CoC, represented by Mr. Ramji Srinivasan, argued that the resolution plans are confidential and cannot be disclosed to anyone, including the Board or Operational Creditors. The case references Section 24 of the I&B Code, concerning CoC meetings, and Regulations 19 and 21 of the IBBI regulations. The appellant sought the resolution plans to be provided to the Board of
…Director of Ruchi Soya Industries Limited…
Reference to the judgment dated 24th May, 2018,…