In Brief
Members of a suspended Board of Directors participating in Committee of Creditors meetings, though without voting rights, have a right to receive copies of resolution plans before meetings are held. The Supreme Court held that while participants lack voting power, they are vitally interested in resolution plans as these plans directly affect their interests—particularly if they are personal guarantors whose liability is affected by the plan. Regulation 21(3)(iii) requires that meeting notices include copies of all relevant documents, which includes resolution plans. Confidentiality can be protected through non-disclosure agreements. The NCLAT's order denying access was set aside, and copies of all resolution plans must be furnished to participants within two weeks.",
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