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 refers to a Supreme Court judgment stating that the RP is obligated to provide all documents related to the Corporate Debtor's (CD) affairs to Operational Creditors. The respondent's counsel argues that IBBI regulations only allow information memorandum to be made available to the members of the Committee.
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 argued that as a participant in the Committee of Creditors (CoC), the OC is entitled to these documents, citing a Supreme Court judgment (Vijay Kumar Jain Vs. Standard Chartered Bank & Ors.). The respondent's counsel argued that IBBI regulations restrict the availability of such documents to only the members of the CoC. The OCs represent 10% of the debt of the CD. The court noted the absence of any specific
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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 refers to a Supreme Court judgment stating that the RP is obligated to provide all documents related to the Corporate Debtor's (CD) affairs to Operational Creditors. The respondent's counsel argues that IBBI regulations only allow information memorandum to be made available to the members of the Committee.
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 argued that as a participant in the Committee of Creditors (CoC), the OC is entitled to these documents, citing a Supreme Court judgment (Vijay Kumar Jain Vs. Standard Chartered Bank & Ors.). The respondent's counsel argued that IBBI regulations restrict the availability of such documents to only the members of the CoC. The OCs represent 10% of the debt of the CD. The court noted the absence of any specific
…Order delivered on IA-2460/2023, allowing the…
Issue notice to the…
Sign in to view related legal provisions.