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  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com