# In the matter of Vijay Kumar Jain Vs. Standard Chartered Bank Ltd. & Ors. CA (AT) No. 442-2018

> NCLAT judgment dated 2018-08-09. Citation: TCN-2018-NCLAT-00156. This case involves an appeal preferred by the Director of Ruchi Soya Industries Limited…

- **Court:** NCLAT
- **Order date:** 9 Aug 2018
- **Citation:** TCN-2018-NCLAT-00156
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vijay-kumar-jain-vs-standard-chartered-bank-ltd-ors-ca-6fb091d5

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Committee of Creditors is obligated to provide copies of the resolution plans to the …

**Ratio:** The Resolution Professional is required to provide notice of the meeting to the members

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**Reasoning:** The Appellate Tribunal reasoned that while the Board of Directors is allowed to attend

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**Interpretation:** Section 24(3) of the I&B Code requires notice of the meeting to be given to

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**Application:** In this specific case, the Appellate Tribunal held that the CoC was not

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** VIJAY KUMA…
- **Respondents:** Ruchi Soya…; Standard Chartered…
- **Advocates:** Amit S…; Arvind Kuma…; +5 more

## Timeline

- **2018-08-09 — Appeal Pre…**: Director of Ruchi Soya Industries Limited filed an appeal against the Committee of…
- **2018-05-24 — Reference to Previous…**: Reference to the judgment dated 24th May, 2018, in Company Appeal (AT) (Insolvency) No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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