Authority: National Company Law Tribunal Chandigarh Bench, Court-I

Order Date: 10.07.2026

Case Overview

The application was filed by Mr. Rajeev Bhambri, Resolution Professional of Future Colonizers & Construction Limited (Applicant), against Mr. Mohit Chawla, Resolution Professional of Chandigarh Overseas Private Limited (Corporate Debtor). The Applicant sought directions to either provide the complete resolution plan approved by the Committee of Creditors (CoC) of the Corporate Debtor or extracts specifically dealing with its claim.

The background involves both companies undergoing Corporate Insolvency Resolution Process (CIRP). Chandigarh Overseas was admitted into CIRP on 27.02.2023, while Future Colonizers was admitted on 13.10.2022. The Applicant claimed a financial debt of ₹135.94 crores based on a Joint Venture Agreement dated 08.01.2013 and investment of ₹19.17 crores acknowledged on 28.01.2014. However, the Respondent RP classified this as an operational debt from a "Related Party" and partially rejected the claim on 18.10.2023.

The Applicant previously challenged this classification through IA No. 1148/2024, which was dismissed by the NCLT on 13.03.2026. The Tribunal had conclusively held that the transaction did not constitute a financial debt and that the Applicant was correctly classified as a "Related Party."

Final Outcome

The Tribunal dismissed the application, holding that as an "Other Creditor – Related Party," the Applicant possesses no statutory or legal right to access the resolution plan or any extracts before its approval under Section 31 of the Code. The order reinforced that resolution plans remain confidential documents until approved by the Adjudicating Authority, and access is restricted only to members and participants of the CoC as per Section 24 of the Code and CIRP Regulations. The Tribunal relied on precedents from NCLAT (Pakhi Infra case) and NCLT Allahabad (SBC Minerals case) which unequivocally prohibit disclosure to non-CoC creditors at the pre-approval stage.

Topics: Insolvency Proceedings, Resolution Plan Confidentiality, Creditor Rights