Anil Jadhav vs Yashraj Ethanoll Processing Pvt Ltd & ...

National Company Law Appellate Tribunal8 December 2023Ashok Bhushan

CitationCompany Appeal (AT) (Insolvency) No. 1530 of 2023

Ratio decidendi

The rule this decision rests on

Where a corporate debtor's resolution plan has been approved, a promoter or guarantor who seeks a copy of that plan four years after approval, without explaining the delay, is not entitled to the entire plan; the adjudicating authority may confine disclosure to the part of the plan that deals with the corporate debtor's debts and affects the applicant, and an order doing so, which protects the applicant's interest, discloses no error warranting appellate interference.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

NATIONAL COMPANY LAW APPELLATE TRIBUNALPRINCIPAL BENCH, NEW DELHICompany Appeal (AT) (Insolvency) No. 1530 of 2023

IN THE MATTER OF: Anil Jadhav ...Appellant

Versus

Yashraaj Ethanoll Processing Pvt. Ltd. & Anr. ...Respondents

Present: For Appellant : Appearance not marked.

For Respondent : None

ORDER

(Hybrid Mode)

08.12.2023 Heard Learned Counsel for the Appellant.

This Appeal has been filed against the order dated 14.05.2023 passed

in I.A. No. 3758 of 2023. The Resolution Plan of the Corporate Debtor was

approved on 13.07.2018. Appellant before us has been the promoter of the

Corporate Debtor and was part of the resolution process. Four years after the

approval of resolution plan, he filed an I.A. seeking a direction to provide the

copy of the resolution plan. Adjudicating Authority took the view that

Appellant has come in the application after 4 years without giving any

explanation for the long delay. However, the Adjudicating Authority has

directed the part of that plan to be extent it affects him be given, in paragraph

8, following directions have been issued by the Adjudicating Authority:

"8. In the present case, the Applicant has sought copy of Resolution Plan after four years from the date of approval, without giving any explanation for the long delay. In the circumstances, we are of the considered view that it is not an appropriate case to provide entire copy of Resolution Plan. However, considering the fact that the Applicant was a guarantor who is vitally interested in Resolution Plan to the extent in affect him, we direct furnishing of relevant part of the Resolution Plan which deals with debts of the Corporate Debtor."

We are of the view that Adjudicating Authority has passed the order

protecting the interest of the appellant. There was no reason for providing

copy of the resolution plan after four years of approval of the resolution plan.

The application was partly allowed and part affecting him already been

provided, we do not find any error in the order of the Adjudicating Authority,

the Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Mr. Barun Mitra] Member (Technical)

[Mr. Arun Baroka] Member (Technical) pks/nn

Company Appeal (AT) (Insolvency) No. 1530 of 2023 2 of 2

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