# In the matter of Prabhatam Advertising Private Limited

> NCLT judgment dated 2023-05-03. Citation: TCN-2023-NCLT-03483. The case involves an application (IA-2460/2023) where the applicant, representing an…

- **Court:** NCLT
- **Order date:** 3 May 2023
- **Citation:** TCN-2023-NCLT-03483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prabhatam-advertising-private-limited-80833b28

## Summary

### Background

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.

## Facts

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

…

## Issues and analysis

### Issue 1: Whether the Resolution Professional is required to provide the information memorandum and other …

**Ratio:** The ratio is based on the Hon'ble Supreme Court's judgment which categorically ruled that

…

**Reasoning:** The court reasoned that the Supreme Court has already ruled on the matter, and the

…

**Interpretation:** The interpretation is that the Supreme Court's judgment overrides any

…

**Application:** The ratio and reasoning are applied to the specific facts of the case, where

…

## Parties

- **Judges:** SHRI. ASHOK KUMAR…; SHRI. L. N.…
- **Appellants:** Tulsi Nandan Kant…
- **Respondents:** Prabhatam…; P.G Advertising…

## Timeline

- **2023-05-03 — Order del…**: Order delivered on IA-2460/2023, allowing the application and directing the respondent to…
- **2023-05-22 — Next hearin…**: Issue notice to the Respondent…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prabhatam-advertising-private-limited-80833b28