Jet Airways

NATIONAL COMPANY LAW APPELLATE TRIBUNAL,
PRINCIPAL BENCH, NEW DELHI

Company Appeal (AT) (Insolvency) No. 643 of 2021 &
I.A. No.1700 of 2021
(Arising out of Order dated 22.06.2021 passed by the Adjudicating Authority
(National Company Law Tribunal), Mumbai Bench, Court-I in I.A. 2081/2020 in
CP (IB) No.2205/MB/2019)
IN THE MATTER OF:

Association of aggrieved Workmen
of Jet Airways (India) Limited
Represented by Mr. Pankaj Masand, President,
IA-54B, Ashok Vihar, Phase-1,
New Delhi – 110052. .... Appellant
Vs
1. Jet Airways (India) Ltd.,

Represented by Shri Ashish Chhawchharia
Resolution Professional,
Global One, 3rd Floor, 252,
LBS Marg, Kurla (West),
Mumbai – 400 070.
2. Committee of Creditors led by

State Bank of India,
Stressed Assets Management Branch-II,
Raheja Chambers, Ground Floor,
Wing-B, Free Pass Journal Marg,
Nariman Point, Mumbai,
Maharashtra-400021.
3. Shri Ashish Chhawchharia

Resolution Professional of Corporate Debtor,
Global One, 3rd Floor, 252,
LBS Marg, Kurla (West),
Mumbai – 400 070.
4. The Consortium of Mr. Murari Lal

Jalan & Mr. Florian Fritsch,
16th Floor, Tower II,
Indiabulls Finance Centre, S B Marg,
Elphinstone (W), Mumbai – 400 013. .... Respondents
Company Appeal (AT) (Insolvency) Nos.643 of 2021

& I.A. No.1700 of 2021
Company Appeal (AT) (Insolvency) Nos.915 of 2021 1
Present:
For Appellant: Mr. Nikhil Nayyar, Sr. Advocate with Ms. S.

Manjula Devi, Advocate
Dr. KS Ravichandran (CS)
For Respondents: Mr. Arun Kathpalia, Sr. Advocate with

Mr. Malhar Zatakia, Mr. Nishant Upadhyay,
Mr. Madhur Arora, Mr. Dhiraj Kumar Totala
and Ms. Tanya Chib, Advocates (R-1, 3)
Ms. Isha Malik, Ms. Niharika Shukla and

Mr. Raunak Dhillon, Advocates (R-2)
Ms. Pooja Mahajan, Mr. Aashish Vats,

Mr. Arveera Sharma, and Ms. Mahima Singh,
Advocates (R-4)
With
Company Appeal (AT) (Insolvency) No. 915 of 2021
(Arising out of Order dated 22.06.2021 passed by the Adjudicating Authority
(National Company Law Tribunal), Mumbai Bench, Court-I in CP (IB)
No.2205/MB/2019)
IN THE MATTER OF:
1.Rohit Sharma 2. Arun Sharma

A 106, Sea Show CGHS, Plot 5C Voora Villa, Bhakti Vedanta
No.14,Sector 19B, Dwarka, Road, Off ECR, Akkrai,
Delhi 110075. Injmabakkam, Chennai 600115.
3. Vikram Malhotra, 4. Harpreet Singh

T-23/20 DLF City Phase 3, A 404, Versova Breeze CHSL,
Gurugram 122002 Haryana. 3rd Cross Lane, Lokhandwala
Complex, Andheri (West),
Mumbai 400053.
5. Aswin Fernandes 6. Biju Anto Fernandes

401, Crystal Tower, Military Road, A1704, Serenity, Raheja
Marol, Andheri East, Reflections, Thakur Village,
Mumbai 400059. Kandivali East, Mumbai 400101.

& I.A. No.1700 of 2021
7. Gajanan Achyut Nene 8. Sreemukundan V
B/10, Konark Kinara Society, M304, Vaishnavi Ratanam, S.M.
Kalyani Nagar, Pune 411006. Road, Jalahalli, T. Dasarahalli,
Bangalore 560057
9. Hari Sharan Sinha 10. Zerxix Hoshang Mirz

B-403, Oberoi Park View, Thakur Q-2, Bharucha Baug, S.V. Road,
Village, Kandivali, East, Andheri (West), Mumbai 400058.
Mumbai-400101.
11. Subodh Narendra Sumbh 12. Rakesh Bhatia

D 23 Seema Apts. Plot No. 7 Sector B-204, Gokul Apartment, Plot
11, Dwarka New Delhi 110075. No.5B, Sector 11, Dwarka, New
Delhi – 110075.
13. Joseph K George 14. Bikram Kishor Dash

C 101 Serenity Raheja Reflections 1103 B Wing Satellite Royale Film
Thakur Village Kandivali East City Road Goregaon East Mumbai
Mumbai 400101 400063.
15. Jeyam Gopinath 16. STM Sasikumar

FG Block 24, Jains Alpine Plot No.75, Door No.12, Sabari
Meadows, Temple Town Road, Nagar, 1st Cross Street, Porur,
Chromepet, Chennai 600044. Chennai 600116.
17. M P Sajumon 18. Naga Venkata Rama Chandra

Villa 3, “Maledathu”, Orchidwoods Rao Majesty
Layout, Brookefields, Kundalahalli, Plot No.6, Sahaj Enclave
Bangalore-560037. Ramachandra Colony,
Manapakkam, Chennai 600125.
19. Anil Thomas Menezes 20. Sameer Vibhakar Buch

42, Sea Queen Apartments, Opp E/205, Orchid Suburbia, New Link
Sea Princess Hotel, Juhu Tara Road, Opp Vora Castle, Kandivali
Road, Juhu, Mumbai 400049. West, Mumbai 400067.
21. Eugene D’ Costa 22. Chandan Chettri

Evershine Enclave, Sundaram 68C, Dr. G S Bose Road, Picnic
Bldg. B/303, Mira Road East, Garden, Kolkata – 700039.
Thane 401107.
23. Rohit Bhasin 24. Brajesh Singh Sirohi

Flat C 2003, Raheja Reflections, A603, Rohan Jharoka,
Thakur Village, Kandivali East, Kempapura, Yemalur, Bangalore
Mumbai 400101. 560037

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25. Vadivel Loganathan 26. Nitin Surve
Raja Garden, Plot No. 12, Varghese 1306, Pearl Residency, JP Road,
Avenue, Maruthupandiyar St., Azad Nagar, Andheri West,
Chitlapakkam, Chennai – 600064, Mumbai 400053.
Tamil Nadu.
27. Jamal Syed 28. Leo Jude Alvares

Karan C, Vishal Nagar, Mith 11A Adithi, 2 Mugalivakkam Main
Chowki, Madh Marve Road, Road Porur, Chennai 600116.
Mumbai 400064.
29. Sudipto Sur 30. Srikanthan K S

E-202 Lok Society, Mayur Vihar-1, Plot No.64, Utopia, Tarabanahalli,
New Delhi 110091 Chikkajala Post, Bengaluru
562157
31. Amitabh Sinha 32. Rajendra Kumar

Flat 1101, Dheeraj Valley Tower, B-2007, Oberoi Splendor, JVLR
Mohan Gokhle Rd., Nr Sai Baba Andheri (East), Mumbai-400060.
Complex, Goregoan East, Mumbai
400063
33. Gaurav Kashyap 34. Sahukara Prakash

U-27/3, First Floor, DLF City D202, Ramky Towers, Gachibowli,
Phase-3, Gurgaon-122002, Hyderabad – 500032, Telangana.
Haryana.
35. Ayikomath Balagopal 36. Vinay Pradhan

203/Pinewood, Raheja Willows, Room No. 303, Hotel Airport
Akruli Road, Lokhandwala Palace, Behind RGIA Police
Township, Kandivali East, Station, Shamshabad, Hyderabad
Mumbai-400101. 501218.
37. Narsinga Vivekananda Rao 38. Subbarayudu Daggubati

1202 Radha Krishna, Radha C/504, D2 Serenity, Raheja
Residency, Siddharth Nagar, Reflections, Thakur Village,
Borivali (E) Mumbai 400066. Kandivali East, Mumbai-400101.
39. Venkata Vinayaka Sista 40. Sanjay Subramanian

Flat No.504, Building No.1, A-604, Gokul Plaza, Thakur
Sanskruti Complex, Opp. St. Complex, Kandivali (E), Mumbai
Lawrence School, Kandivali East 400101.
Mumbai 400101.
41. Shobhit Arora 42. Bhagat Singh Tomar

220, Aravali Apartment, 223, Plot 6A, CGHS, Sector 23,
Alaknanda, New Delhi-110019. Dwarka, Delhi 110078.

& I.A. No.1700 of 2021
43. Shamsunder R Deshkulkarni
B4/401, Ascent Residency,
Sarvoday Nagar, Jogeshwari East,
Mumbai – 40006. .... Appellants
Vs
1. Monitoring Committee through

Mr. Ashish Chhawchharia,
Jet Airways (India) Limited
Global One, 3rd Floor, 252, LBS Marg,
Kurla (West), Mumbai – 400070.
2. Successful Resolution Applicant

Consortium of Mr. Murari Lal Jalan
Mr. Florian Fritsch,
9/3 Basant Bihar, Kanke Road,
Ranchi (Jharkhand) 835217.
3. Shri Ashish Chhawchharia

Resolution Professional for
Jet Airways (India) Limited,
Global One, 3rd Floor, 252, LBS Marg,
Kurla (West), Mumbai – 400070. .... Respondents
Present:
For Appellants: Ms. Niddhi Khanna and Mr. Vinamra

Kopariha, Advocates.
For Respondents: Mr. Arun Kathpalia, Sr. Advocate with Mr.

Rohan Rajadhyaksha, Mr. Parimal Kashyap,
Mr. Dhiraj Kumar Totala, Mr. Nishant
Upadhyay and Ms. Tanya Chib, Advocates
(R-1, 3)
Ms. Isha Malik, Ms. Niharika Shukla and Mr.

Raunak Dhillon, Advocates (R-2)
Ms. Pooja Mahajan, Mr. Aashish Vats, Mr.

Arveera Sharma, and Ms. Mahima Singh,
Advocates (R-4)

& I.A. No.1700 of 2021
JUDGMENT
ASHOK BHUSHAN, J.
We have heard learned Counsel for the parties on 10.01.2022 on the
limited question whether the Appellant(s)/ Applicant is entitled to be given
a copy of Resolution Plan or any part of the Resolution Plan in the Appeal.
In the Application for interim relief, the Appellant had prayed for a direction
to Respondent No.3 - Resolution Professional to produce records that is
Resolution Plan and its annexures with full set of documents relating to
Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor.
2. We have heard learned Senior Counsel for the Appellant Shri Nikhil
Nayyar, Shri Arun Kathpalia, learned Senior Counsel for Respondent Nos.1
and 3 and Ms. Pooja Mahajan, learned Counsel for Successful Resolution
Applicant and learned Counsel appearing for Committee of Creditors.
3. The only question to be considered and answered at this stage is as
to whether the Appellant who has filed Appeal against the order of the
Adjudicating Authority dated 22nd June, 2021 approving the Resolution
Plan submitted by Respondent No.4 is entitled for a copy of Resolution Plan
or any part of it in these proceedings.
4. The Appellant is an association of aggrieved workmen of the Jet
Airways (India) Ltd. The workmen of Jet Airways (India) Ltd. were
Operational Creditors, who have filed their claim before the Resolution

& I.A. No.1700 of 2021
Professional. The Resolution Plan allocated workmen and employees an
amount of Rs.52 Crores. This Appeal has been filed by the Appellant
challenging the order of the Adjudicating Authority approving the
Resolution Plan on several grounds as contained in the grounds stated in
paragraph 9 of the Memo of Appeal.
5. learned Senior Counsel for the Appellant submits that confidentiality
in the CIRP proceeding as mentioned in Insolvency and Bankruptcy Code,
2016 (hereinafter referred to as the ‘Code’) is very limited and where
confidentiality is required to be maintained, the Code and Regulation
clearly provides for them. The limited circumstances that confidentiality is
provided for is at the stage of CIRP, and the rationale for the provisions are
to – (i) enable maximization of bids; and (ii) prevent competitors from posing
as applicants to surreptitiously use information for their own gain. In
terms of Section 31(3)(b) of the Code, once the Plan is approved, the RP is
obligated to forwards the entire records of the CIRP along with the
Resolution Plan to Insolvency and Bankruptcy Board of India (Board) to be
recorded in its database. Thus, clearly, the information is not meant to be
confidential after the CIRP has concluded. It is submitted that in the
impugned order, there is no discussion of compliance of Section 30, sub-
section (2) and Regulation 37 and 38 and to effectively support the grounds
taken in the Appeal, the Appellant is entitled for copy of Resolution Plan.
6. Learned Counsel appearing for Respondent No.4, Ms. Pooja Mahajan
has refuted the submissions of the learned Counsel for the Appellant. It is

& I.A. No.1700 of 2021
submitted that Resolution Plan is a confidential document and contains
confidential information about the Corporate Debtor and the Successful
Resolution Applicant, which are not available in the public domain. No
information or material of the Resolution Plan can be disclosed in part or
in whole to any person without the prior consent of the Resolution
Applicant. Further, the requirement of law is to share copy of the
Resolution Plan only with the Members and participants in the Committee
of Creditors (CoC). The Appellant Association being not entitled to
participate in the CoC cannot claim copy of Resolution Plan. She further
submits that various other workmen/ employees’ associations have filed
applications before Adjudicating Authority praying for copy of the
Resolution Plan, which was rejected by Adjudicating Authority on 22nd
February, 2021. It is only the participants of the CoC meeting, who are
entitled to receive all agenda documents etc. and apart from the
participants, no one is entitled to receive Resolution Plan. Referring to
Regulation 39(5A) of Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulation, 2016 (hereinafter
referred to as ‘Process Regulation 2016), she submits that it contains
legislative intendment that only the principle or formulae for payment of
debts under the Resolution Plan has to be communicated to the claimants.
The Corporate Debtor being listed company, it has complied with SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015
disclosing the financial proposal and treatment of stakeholders of the
Corporate Debtor under the Resolution Plan. Section 31(3)(b) of the Code,

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which requires Resolution Professional to share all records and Resolution
Plan with Board, who is Regulator for Insolvency Professional, is only for
record keeping and not as a public document or for publishing on its
website. Reference to Section 196(1)(i) of the Code has been made which
provides that Board can publish such information, data, research studies
and other information as may be specified by Regulations. There is no
Regulation requiring the Board to publish any approved Resolution Plan.
When an aggrieved person has challenged the order of the Adjudicating
Authority approving the Resolution Plan as for example in the present case,
the Appellant – Operational Creditor has a limited interest to the extent of
satisfaction of their claims in compliance of Section 30, sub-section (2) sub-
clause (b) of the Code. Their role cannot be enlarged by involving them to
scrutinize the deliberations or the contents of the entire Resolution Plan.
In the present case, there being more than 20,000 Operational Creditors
and numerous members (shareholders), the intent of the Code could not
have been to allow such creditors, members and stakeholders, a right to
review the entire Resolution Plan at the Appeal stage. Merely because
Board is a Public Authority, it does not mean that all information provided
to Board including confidential information is a public document. Even the
right to information under the Right to Information Act, 2005 is not
absolute and is subject to certain limitations. Proper forum to adjudicate
the applicability of RTI Act, is the competent Authority under the RTI Act
and therefore, the same cannot be adjudicated by this Tribunal. The
Resolution Plan as approved includes five-year business plan and cash

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projections from the business as calculated and projected by the Successful
Resolution Applicant for the revival of the Corporate Debtor. The business
plan and financial plan of the Successful Resolution Applicant is a strictly
confidential document and any disclosure of the same to any person
including the Operational Creditors of the Corporate Debtor would lead the
passing of such confidential data to the competitors of the Corporate Debtor
and the Successful Resolution Applicant, which could be detrimental to the
business and revival of the Corporate Debtor by the Successful Resolution
Applicant.
7. Shri Arun Kathpalia, learned Senior Counsel appearing for
Resolution Professional also supported the submissions of learned Counsel
for the Successful Resolution Applicant. He further submits that details
regarding claim allowed to the workmen and employees have already been
communicated to the claimants and if directed, Resolution Professional
shall provide relevant part of the Resolution Plan dealing the claim of the
workmen and employees only.
8. We have considered the submissions of the learned Counsel for the
parties. The learned Counsel for the parties also referred and relied on
judgments of the Hon’ble Supreme Court and this Tribunal, which we shall
consider while considering the detailed submissions.
9. We have heard learned Counsel for the parties and have perused the
record.

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10. We first need to notice the scheme of the Code and the Regulations
framed thereunder regarding the confidentiality of certain information and
reports including the Resolution Plan in the CIRP proceedings. After the
public announcement for initiation of Corporate Insolvency Resolution
Process, the Interim Resolution Professional is to collect all information
relating to the assets, finances and operations of the Corporate Debtor for
determining the financial position of the Corporate Debtor; receive and
collate all the claims submitted by the creditors; constitute a Committee of
Creditors; and to perform other functions as enumerated in Section 18 of
the Code. After appointment of Resolution Professional, he has to conduct
the Corporate Insolvency Resolution Process including conducting of the
meeting of the Committee of Creditors. Section 24 of the IB code deals with
meeting of Committee of Creditors and requires Resolution Professional to
give notice of each meeting to the Committee of Creditors. Section 24(3) (a),
(b) and (c) is as under:
“24(3) The resolution professional shall give notice of

each meeting of the committee of creditors to-
(a) members of 1 [committee of creditors, including

the authorised representatives referred to in sub-sections
(6) and (6A) of section 21 and sub-section (5)];
(b) members of the suspended Board of Directors

or the partners of the corporate persons, as the case may
be;

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(c) operational creditors or their representatives if
the amount of their aggregate dues is not less than ten
per cent. of the debt.”
11. Section 29 deals with ‘Preparation of information memorandum’.
Section 29, sub-section (2) provides:
“(2) The resolution professional shall provide to the

resolution applicant access to all relevant information in
physical and electronic form, provided such resolution
applicant undertakes-
(a) to comply with provisions of law for the time

being in force relating to confidentiality and insider
trading;
(b) to protect any intellectual property of the

corporate debtor it may have access to; and
(c) not to share relevant information with third

parties unless clauses (a) and (b) of this sub-section are
complied with.
Explanation. – For the purposes of this section,

“relevant information” means the information required by
the resolution applicant to make the resolution plan for
the corporate debtor, which shall include the financial
position of the corporate debtor, all information related to
disputes by or against the corporate debtor and any
other matter pertaining to the corporate debtor as may be
specified.”

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12. Section 29, sub-section 2 sub-clause (a) provides that Resolution
Applicant is to comply with provisions of law for the time being in force
relating to confidentiality and insider trading and further the Resolution
Applicant not to share relevant information with third parties unless
clauses (a) and (b) of sub-section (2) of Section 29 are complied with.
13. After Resolution Plan is submitted the same is to be scrutinized by
Resolution Professional and Resolution Professional is to examine each
Resolution Plan and when Resolution Professional is satisfied that it
complies with the requirements as laid down in Section 30, sub-section (2),
he shall present it to the Committee of Creditors for approval. Sub-section
(6) of Section 30 further provides that Resolution Professional shall submit
the Resolution Plan as approved by the Committee of Creditors to the
Adjudicating Authority. Section 31, sub-section (3), which deals with
‘Approval of resolution plan’ further provides:
“(3) After the order of approval under sub-section (1), -
(a) the moratorium order passed by the

Adjudicating Authority under section 14 shall cease to
have effect; and
(b) the resolution professional shall forward all

records relating to the conduct of the corporate insolvency
resolution process and the resolution plan to the Board to
be recorded on its database.”

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14. We may also notice few Regulations of Process Regulation 2016,
which are relevant for the present controversy. Regulation 35, sub-
regulation (3) provides that Resolution Professional and registered valuers
shall maintain confidentiality of the ‘fair value’ and the ‘liquidation value’.
Regulation 21 deals with ‘Contents of the notice for meeting’ of Committee
of Creditors. Regulation 21, sub-regulation (3) provides that along with
notice copies of all documents relevant to the matters to be discussed and
the issues to be voted upon at the meeting shall be sent.
15. Certain provisions of Insolvency and Bankruptcy Board of India
(Insolvency Professionals) Regulation, 2016 also need to be noticed. The
First Schedule, which deals with ‘Code of Conduct for Insolvency
Professionals’ in Item No.21 under the heading ‘Confidentiality’ provides as
follows:
“Confidentiality.
21. An insolvency professional must ensure that

confidentiality of the information relating to the
insolvency resolution process, liquidation or
bankruptcy process, as the case may be, is
maintained at all times. However, this shall not
prevent him from disclosing any information with
the consent of the relevant parties or required by
law.”

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16. From the above, it is clear that an Insolvency Professional must
ensure that confidentiality of the insolvency resolution process, liquidation
or bankruptcy process, as the case may be, is maintained at all times.
However, this shall not prevent him from disclosing any information with
the consent of the relevant parties or required by law.
17. Since Section 24 of the IB Code read with Regulation 21 (3) (iii) of
Process Regulation 2016, makes it clear that all Members, who were to
participate in the meeting of the Committee of Creditors had to be provided
copies of all relevant documents. Thus, the entitlement of copy of
documents during the CIRP is for only those who are to participate in CIRP.
As per Section 24 of the Code, Operational Creditors or their
representatives, if the amount of their aggregate dues is not less than 10%
of the debt, are also entitled for notice of meeting of Committee of Creditors.
Thus, the category of creditors including the Members of the suspended
Board of Directors or the partners of the corporate persons, who are entitled
to participate in the meeting of the Committee of Creditors are entitled to
receive copies of all documents.
18. Hon’ble Apex Court had occasion to consider these provisions of Code
and the Regulations in context of right to have access to Resolution Plan
by erstwhile/ suspended Board of Directors of the Corporate Debtor in
(2019) 20 SCC 455 – Vijay Kumar Jain vs. Standard Chartered Bank
and Ors. The Hon’ble Supreme Court held that Members of suspended
Board are entitled to participate in the meeting of Committee of Creditors.

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They are also entitled to be given a copy of Resolution Plan before such
meetings are held. In paragraph 16 of the judgment, following has been
laid down:
“16. This statutory scheme, therefore, makes it clear
that though the erstwhile Board of Directors are not
members of the Committee of Creditors, yet, they have a
right to participate in each and every meeting held by the
Committee of Creditors, and also have a right to discuss
along with members of the Committee of Creditors all
resolution plans that are presented at such meetings
under Section 25(2)(i). It cannot be gainsaid that
operational creditors, who may participate in such
meetings but have no right to vote, are vitally interested
in such resolution plans, and must be furnished copies of
such plans beforehand if they are to participate
effectively in the meeting of the Committee of Creditors.
This is for the reason that under Section 30(2)(b),
repayment of their debts is an important part of the
resolution plan qua them on which they must comment.
So the first important thing to notice is that even though
persons such as operational creditors have no right to
vote but are only participants in meetings of the
Committee of Creditors, yet, they would certainly have a

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right to be given a copy of the resolution plans before
such meetings are held so that they may effectively
comment on the same to safeguard their interest.”
19. The Appellant before us being not entitled to participate in the
meeting of Committee of Creditors, they during the CIRP were not entitled
for copy of Resolution Plan. As noted above, the Resolution Plan has been
approved by the Committee of Creditors and was filed by the Resolution
Professional before the Adjudicating Authority, which resulted ultimately
in approval of the Resolution Plan by order dated 22nd June, 2021. The
learned Counsel for the Respondents as well as the Appellant have referred
to the judgment of this Tribunal in Committee of Creditors of Meenakshi
Energy Ltd. vs. Consortium of Prudent ARC Limited & Vizag Minerals
and Logistics P Ltd. in Company Appeal (AT) (CH) (Insolvency) No. 166
of 2021 decided on 25.10.2021. Paragraph 111 of the judgment has been
referred to, which deals with confidentiality of the Plan in following manner:
“111. In fact, the ‘Resolution Plan’ furnished by one or
the other ‘Resolution Applicant’ is a ‘confidential’ one and
it cannot be disclosed to any ‘Competing’ ‘Resolution
Applicant’ nor any view can be taken or objection can be
asked for from other ‘Resolution Applicants’ in regard to
one or the other ‘Resolution Plan’. It cannot be lost sight
of that the conduct of ‘Resolution Professional’ is

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important in deciding whether he is guilty of
‘Misfeasance’ or ‘Fraud’ or any other ‘Serious
Irregularity’ in the preparation of ‘Resolution Plan’. As a
matter of fact, the ‘Resolution Plan’ ‘is confidential in
nature’. No wonder, the Resolution Professional is to act
in an expeditious fashion. In short, an ‘Insolvency
Professional’ is to perform his duties by facing challenges
that he come across during CIRP.”
20. The above proposition laid down by this Tribunal clearly states that
Resolution Plan furnished by one or other Resolution Applicant is a
confidential one and cannot be disclosed to any competing Resolution
Applicant. The Resolution Plan has been held to be confidential in nature.
The above observations were in reference to CIRP proceeding and this
Tribunal in the above case had no occasion to consider the situation where
Appellant who is aggrieved by the order of the Adjudicating Authority of
approving the Resolution Plan is claiming the copy of the Resolution Plan.
The judgment of the Hon’ble Supreme Court in Vijay Kumar Jain (supra)
as noticed above was also the judgment dealing with entitlement of
Resolution Plan during the CIRP proceeding. The question which has
arisen in the present proceeding is as to whether the Resolution Plan after
it being approved by the Adjudicating Authority, still continues to be a
confidential document, so as to deny access to any of the claimants. In this

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context, we need to notice NCLT Rules, 2016. Part XIV of the Rules deals
with ‘Inspection of Record’. Rule 114, which is relevant in the present case
provides as follows:
“114. Inspection of the records.- (1) The parties to any
case or their authorised representative may be allowed
to inspect the record of the case by making an application
in writing to the Registrar and by paying the fee
prescribed thereof.
(2) Subject to such terms and conditions as may be
directed by the President by a general or special order, a
person who is not a party to the proceeding, may also be
allowed to inspect the proceedings after obtaining the
permission of the Registrar in writing.
21. Sub-rule (1) of Rule 114 provides that parties to any case or their
authorised representative may be allowed to inspect the record of the case.
Sub-rule (2) of Rule 114 provides that a person, who is not a party to the
proceeding, may also be allowed to inspect the proceeding after obtaining
the permission of Registrar in writing. When inspection is given to the
parties or any person, who is not a party with the permission of Registrar
to inspect the record, the record to be inspected shall obviously contains
the Resolution Plan submitted by Resolution Professional to the
Adjudicating Authority. When Resolution Plan is submitted to the

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Adjudicating Authority with an Application to accept the Plan, the
Application as well as Plan is on the record of the case or proceeding and
then right to inspection is granted statutorily, we do not accept the
submission of learned Counsel for the Respondents that Resolution Plan
still remains confidential documents after it is made part of the record or
proceeding of the Adjudicating Authority.
22. When inspection is permitted of record of the Adjudicating Authority,
obviously inspection can very well be made of the Resolution Plan, which
is part of the proceedings before the Adjudicating Authority. Section 117
of the NCLT Rules, 2016 deals with ‘Mode of inspection’. Sub-rule (3) of
Rule 117 provides that note of any record can also be taken in pencil by a
person inspecting the record.
23. Our above conclusion also fully finds support by provision of Section
31, sub-section (3) of IB Code, which provides that Resolution Professional
after approval of Resolution Plan shall forward all records relating to the
conduct of the corporate insolvency resolution process and the resolution
plan to the Board to be recorded on its database.
24. Learned Counsel for Respondent No.4 in the context of Section 31,
sub-section (3) submits that records are forwarded to the Board not for
publication and limited purpose of the Board is to publish such
information, data, research studies and other information as may be

& I.A. No.1700 of 2021
specified by Regulations. Reference has been made to Section 196(1)(i) of
the IB Code, which is to the following effect:
“196(1)(i) publish such information, data, research
studies and other information as may be specified by
regulations;”
25. Section 196, sub-section (1) deals with ‘Powers and functions of the
Board’. Sub-clause (h) of sub-section (1) empowers the Board to “call for
any information and records from the insolvency professional agencies,
insolvency professionals and information utilities”. The power of the Board
is thus also to call for any record from the Insolvency Professional, which
may also include the Resolution Plan. Sub-clause (k) further empowers the
Board to collect and maintain records relating to insolvency and
bankruptcy cases and disseminate information relating to such cases. We,
thus, are of the view that sending of the records by the Resolution
Professional to Board as contemplated by Section 31 sub-section (3) is not
only for proper data research studies only and the records and information
can be recorded in its database and also can be published. The above
scheme of the Code also indicates that after 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
Regulator and other persons from access the said document.

& I.A. No.1700 of 2021
26. We thus do not accept the submission of learned Counsel for
Respondent No.4 that Resolution Plan even after approval, is a confidential
document and cannot be disclosed to a claimant.
27. There is one more reason due to which we are of the view that the
Appellant who has challenged a Resolution Plan in this Tribunal is entitled
to know the contents of the Resolution Plan to effectively prosecute his
Appeal. We may refer to Section 61, sub-section (3) of the Code in this
context, which is to the following effect:
“61 (3) An appeal against an order approving a

resolution plan under section 31 may be filed on the
following grounds, namely: –
(i) the approved resolution plan is in contravention

of the provisions of any law for the time being in force;
(ii) there has been material irregularity in exercise

of the powers by the resolution professional during the
corporate insolvency resolution period;
(iii) the debts owed to operational creditors of the

corporate debtor have not been provided for in the
resolution plan in the manner specified by the Board;
(iv) the insolvency resolution process costs have

not been provided for repayment in priority to all other
debts; or
(v) the resolution plan does not comply with any

other criteria specified by the Board.”

& I.A. No.1700 of 2021
28. When the right to Appeal on the ground enumerated in sub-section
(3) of Section 61 is provided, unless the Appellant is aware of the contents
of the Resolution Plan, how he will be able to satisfy the Appellate Court
that the grounds enumerated in sub-section (3) of Section 61 are made out
in reference to approval of the Resolution Plan. The provision of Section
61, sub-section (3) reaffirms our view that after approval of the Resolution
Plan, Resolution Plan does not remain a confidential document, so as to
deny its perusal to a claimant, who is aggrieved by the Plan and has come
up on the Appeal. We, thus, are of the view that Resolution Plan after its
approval by the Adjudicating Authority is no more a confidential document,
so as to deny access to even a claimant. It is true that the Resolution Plan
even though it is not a confidential document after its approval, cannot be
made available to each and to anyone who has no genuine claim or interest
in the process. On various grounds the access to Resolution Plan even if it
is not a confidential document, after approval can be denied in proper and
appropriate cases.
29. Now coming back to the facts of the present case, as submitted by
the learned Counsel for the Respondent No.4 that there are more than
20,000 Operational Creditors apart from Financial Creditors and other
stakeholders. We have noticed above that before the Adjudicating
Authority, Applications were filed by several Applicants including National
Aviators’ Guild, Jet Aircraft Maintenance Engineers Welfare Association,
Bhartiya Kamgar Sena, Jet Airways Cabin Crew Association etc. before the

& I.A. No.1700 of 2021
Adjudicating Authority praying for copy of Resolution Plan, which
Application was rejected by detailed order dated 22nd February, 2021. We,
thus, are not inclined to issue a direction to provide entire Resolution Plan
to the Appellant herein. We however, are fully satisfied that the Appellant
is entitled for the relevant part of the Resolution Plan relating to the claim
of the workmen and employees. We, thus, direct that part of Resolution
Plan which deals with claim of workmen and employees should be provided
to the Appellant by Successful Resolution Applicant – Respondent No.4
within a period of three weeks from today. The prayer made by Appellant/
Applicant for the copy of Resolution Plan is decided accordingly.
[Justice Ashok Bhushan]

Chairperson
[Dr. Ashok Kumar Mishra]

Member (Technical)
NEW DELHI
20th January, 2022
Ash/NN

& I.A. No.1700 of 2021

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NATIONAL COMPANY LAW APPELLATE TRIBUNAL,

PRINCIPAL BENCH, NEW DELHI

IN THE MATTER OF:

1. Jet Airways (India) Ltd.,

2. Committee of Creditors led by

3. Shri Ashish Chhawchharia

4. The Consortium of Mr. Murari Lal

Company Appeal (AT) (Insolvency) Nos.643 of 2021

For Appellant: Mr. Nikhil Nayyar, Sr. Advocate with Ms. S.

For Respondents: Mr. Arun Kathpalia, Sr. Advocate with

Ms. Isha Malik, Ms. Niharika Shukla and

Ms. Pooja Mahajan, Mr. Aashish Vats,

IN THE MATTER OF:

1.Rohit Sharma 2. Arun Sharma

3. Vikram Malhotra, 4. Harpreet Singh

5. Aswin Fernandes 6. Biju Anto Fernandes

Company Appeal (AT) (Insolvency) Nos.643 of 2021

9. Hari Sharan Sinha 10. Zerxix Hoshang Mirz

11. Subodh Narendra Sumbh 12. Rakesh Bhatia

13. Joseph K George 14. Bikram Kishor Dash

15. Jeyam Gopinath 16. STM Sasikumar

17. M P Sajumon 18. Naga Venkata Rama Chandra

19. Anil Thomas Menezes 20. Sameer Vibhakar Buch

21. Eugene D’ Costa 22. Chandan Chettri

23. Rohit Bhasin 24. Brajesh Singh Sirohi

Company Appeal (AT) (Insolvency) Nos.643 of 2021

27. Jamal Syed 28. Leo Jude Alvares

29. Sudipto Sur 30. Srikanthan K S

31. Amitabh Sinha 32. Rajendra Kumar

33. Gaurav Kashyap 34. Sahukara Prakash

35. Ayikomath Balagopal 36. Vinay Pradhan

37. Narsinga Vivekananda Rao 38. Subbarayudu Daggubati

39. Venkata Vinayaka Sista 40. Sanjay Subramanian

41. Shobhit Arora 42. Bhagat Singh Tomar

Company Appeal (AT) (Insolvency) Nos.643 of 2021

1. Monitoring Committee through

2. Successful Resolution Applicant

3. Shri Ashish Chhawchharia

For Appellants: Ms. Niddhi Khanna and Mr. Vinamra

For Respondents: Mr. Arun Kathpalia, Sr. Advocate with Mr.

Ms. Isha Malik, Ms. Niharika Shukla and Mr.

Ms. Pooja Mahajan, Mr. Aashish Vats, Mr.

Company Appeal (AT) (Insolvency) Nos.643 of 2021

We have heard learned Counsel for the parties on 10.01.2022 on the

limited question whether the Appellant(s)/ Applicant is entitled to be given

to Respondent No.3 - Resolution Professional to produce records that is

Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor.

Applicant and learned Counsel appearing for Committee of Creditors.

3. The only question to be considered and answered at this stage is as

Adjudicating Authority dated 22nd June, 2021 approving the Resolution

Plan submitted by Respondent No.4 is entitled for a copy of Resolution Plan

or any part of it in these proceedings.

4. The Appellant is an association of aggrieved workmen of the Jet

Company Appeal (AT) (Insolvency) Nos.643 of 2021

challenging the order of the Adjudicating Authority approving the

Resolution Plan on several grounds as contained in the grounds stated in

paragraph 9 of the Memo of Appeal.

5. learned Senior Counsel for the Appellant submits that confidentiality

in the CIRP proceeding as mentioned in Insolvency and Bankruptcy Code,

2016 (hereinafter referred to as the ‘Code’) is very limited and where