In Brief
The Supreme Court held that members of a corporate debtor's suspended Board of Directors, though not voting members of the Committee of Creditors (CoC), are entitled as "participants" to receive copies of all resolution plans before CoC meetings under the Insolvency and Bankruptcy Code, 2016 and its Regulations. The Court reasoned that such members are vitally interested in resolution plans because the plans may bind them as personal guarantors and affect their liability. Confidentiality concerns can be addressed through non-disclosure agreements rather than outright denial. The Court set aside the Appellate Tribunal's order and directed that resolution plans be provided within two weeks, followed by a fresh CoC meeting within two weeks thereafter.
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