RAVI PRAKASH GOYAL Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The present writ petition has been filed by Mr. Ravi Parkash Goyal, who is a Director in Bhushan Power and Steel Limited. The said company (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) by an order dtd. 26/7/2017 in C.A./C.P (IB) No.202/(PB)/2017 passed by adjudicating authority (NCLT).

(2.) Learned counsel for the petitioner alleged that the CIRP process has not been carried out in accordance with the Insolvency and Bankruptcy Code 2016, as the erstwhile Board of Directors (BoD) have not been provided with all the documents including all resolution plans, liquidation value report, fair value report, report on Sec. 29A etc, which are relevant to the matters to be discussed by the Committee of Creditors (CoC) in accordance with Ss. 24, 25 and Regulations 19 and 21 etc of Insolvency Code. As such, the erstwhile Board of Directors were not able to effectively participate before the CoC and the whole CIRP process is vitiated.

(3.) He placed strong reliance on the directions contained in para 22 of the judgment of the Hon'ble Supreme Court rendered in Vijay Kumar Jain v. Standard Chartered Bank Ltd. And others 2019 SCC OnLine SC 103. In the said matter, the Hon'ble Supreme Court directed that a copy of the resolution plan should be provided to the petitioner Director and CoC meeting should be recalled to consider the submissions of the appellant Director within two weeks and resolution plan will be considered afresh by the CoC.