Lawstreet Journal

After The Adjudicating Authority Has Approved The Resolution Plan, It Is No Longer A Confidential Document To Which Even A Claimant Can Have Access- NCLT [Read Judgment]

Lawstreet Journal 27 Jan 2022 8:11pm

Image courtesy: Lawstreet Journal Judiciary After The Adjudicating Authority Has Approved The Resolution Plan, It Is No Longer A Confidential Document To Which Even A Claimant Can Have Access- NCLT [Read Judgment]

In Association of aggrieved Workmen of Jet Airways (India) Limited v. Jet Airways (India) Limited, Company Appeal (AT) (Insolvency) No. 643 of 2021 and I.A. No. 1700 of 2021, the NCLAT, in a Bench consisting of Justice Ashok Bhushan (Chairperson) and Dr. Ashok Kumar Mishra (Technical Member), held that after the Adjudicating Authority approves the Resolution Plan, it is no longer a confidential document, allowing even a claimant access. Even if the Resolution Plan is not a confidential document once it has been approved, it cannot be made available to everyone and anyone who has no genuine claim or interest in the process. Access to the Resolution Plan, even if it is not a classified document, can be withheld in legitimate and acceptable instances for a variety of reasons.

"We, thus, are of the view that the sending of the records by the Resolution Professional to the Board as contemplated by Section 31 sub-section (3) is not only for proper data research studies and the records and information can be recorded in its database and also be published." The above scheme of the Code also indicates that after a Resolution Plan is submitted to the Adjudicating Authority and it is approved by the Adjudicating Authority, it no longer remains a confidential document, so as to preclude regulators and other persons from accessing the said document".

In the current case, the appellant is a group of Jet Airways (India) Ltd workers who have been wronged. Employees of Jet Airways (India) Ltd.… Continue Reading...


Tagged: NCLT   Jet Airways  
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