The case involves an application (IA-2460/2023) where the applicant, representing an Operational Creditor (OC), seeks directions from the court to the Resolution Professional (RP) to provide information memorandum and other relevant documents to the OC, who is a participant in the Committee of Creditors (CoC). The applicant argues that these documents are essential for the OC to effectively participate in the resolution process. The applicant refers to a Supreme Court judgment to support their claim that the RP is obligated to provide these documents to Operational Creditors.
Tulsi Nandan Kant Bansal is the applicant/petitioner. P.G. Advertising Pvt. Ltd. (erstwhile Prabhatam Advertising Private Limited) is the respondent. The applicant, representing an Operational Creditor (OC), filed IA-2460/2023 seeking directions to the Resolution Professional (RP) to provide information memorandum and other relevant documents. The applicant is a participant in the Committee of Creditors (CoC). The applicant refers to the Supreme Court judgment in Vijay Kumar Jain Vs. Standard Chartered Bank & Ors. The respondent's counsel argues that IBBI regulations only allow the information memorandum to be made available to the members of the Committee. The OCs represent 10% of the debt of the Corporate Debtor (CD). The Hon'ble Supreme Court has categorically
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The case involves an application (IA-2460/2023) where the applicant, representing an Operational Creditor (OC), seeks directions from the court to the Resolution Professional (RP) to provide information memorandum and other relevant documents to the OC, who is a participant in the Committee of Creditors (CoC). The applicant argues that these documents are essential for the OC to effectively participate in the resolution process. The applicant refers to a Supreme Court judgment to support their claim that the RP is obligated to provide these documents to Operational Creditors.
Tulsi Nandan Kant Bansal is the applicant/petitioner. P.G. Advertising Pvt. Ltd. (erstwhile Prabhatam Advertising Private Limited) is the respondent. The applicant, representing an Operational Creditor (OC), filed IA-2460/2023 seeking directions to the Resolution Professional (RP) to provide information memorandum and other relevant documents. The applicant is a participant in the Committee of Creditors (CoC). The applicant refers to the Supreme Court judgment in Vijay Kumar Jain Vs. Standard Chartered Bank & Ors. The respondent's counsel argues that IBBI regulations only allow the information memorandum to be made available to the members of the Committee. The OCs represent 10% of the debt of the Corporate Debtor (CD). The Hon'ble Supreme Court has categorically
…Order delive…
Issue notice to the…