{"id":6390,"date":"2023-10-31T13:01:59","date_gmt":"2023-10-31T13:01:59","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=6390"},"modified":"2024-06-23T18:28:09","modified_gmt":"2024-06-23T18:28:09","slug":"sharing-confidential-information","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/sharing-confidential-information\/","title":{"rendered":"IBC : Issue of sharing confidential information during CIRP"},"content":{"rendered":"

\"Initiation<\/h2>\n

What are the basic Issue of sharing confidential information during Corporate Insolvency Resolution Process under the IBC law?\u00a0<\/strong><\/span><\/h2>\n

An Resolution professional shall ensure that information confidentiality relating to liquidation, CIRP or bankruptcy process, as case may be, Resolution professional should maintained at all times during liquidation, CIRP or bankruptcy process.<\/p>\n

Resolution professional shall share IM after receiving an undertaking from a Committee of Creditors or member of the committee to effect that such resolution applicant & member shall maintain confidentiality of information & shall not use such information to cause an undue loss or undue gain to itself or any other person & comply with the requirements u\/s 29(2). (Regulation 36(4))<\/p>\n

Related Circular of IBC : Link\u00a0<\/a><\/p>\n

Resolution Professionals face the issue as whom he\/she as resolution professional can share the details & information Resolution Plan Copy, Such information memorandum & other confidential information during the Corporate Insolvency Resolution Process? & same issue is faces by the legal counsels of resolution professional.<\/p>\n

with reference to the sharing confidential information during Corporate Insolvency Resolution Process under the IBC law, there is no specific clear provisions in the Insolvency and Bankruptcy Code, however, various judgments are available on this issue.<\/span><\/p>\n

Insolvency a<\/span>nd Bankruptcy Code provides various options to search judgments on a specific issue & on same theme, you can search judgments on “Sharing of Information” on the below parameters:<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Sharing of details & Information to the Non- Committee of Creditors Member\/Other Member<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Sharing of details & Information to the Workmen or Employees<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Sharing of details & Information to the Resolution Applicant<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Sharing of details & Information to the Committee of Creditors\u00a0\/Creditors<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Sharing of details & Information to the Suspended Board of Corporate Debtors<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Sharing of details & Information to the Operational Creditor<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Sharing of details & Information to the Dissenting Financial Creditors<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Sharing of Information with Shareholders of Corporate Debtors<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 Valuation Report copy Supply.<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0 And other parameters….<\/p>\n

Following the Format for maintain confidentiality undertaking under section 29 & regulation 36(4) under IBC : Link\u00a0<\/a><\/p>\n

India financial Consultancy Corporation Pvt Ltd Services\u00a0<\/strong><\/span><\/h2>\n