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TMI Blog2019 (9) TMI 1452X X X X Extracts X X X X X X X X Extracts X X X X ..... s of Sec. 30(5) lead us to unescapable conclusion that while potential resolution applicant, members of ex-Board of Directors and Operational Creditors having not less than 10% of total debt of the Corporate debtor can attend the meeting while a potential Resolution Plan is considered by CoC, it does not imply that a potential Resolution Plan should be handed over to such members of ex-Board of Directors and Operational Creditors or even other Resolution Applicants. This Adjudicating Authority finds that the claim of the Applicant as collated and noticed by the resolution professional is less than 10% of the total debts of the Corporate Debtor and thus the case cited by the learned Counsel for the RP is squarely applicable in the present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue a copy of the Resolution Plan to the Applicant herein. 4. It is submitted that, the Applicant herein apart from its capacity as the operator of the Hotel, is also an Operational Creditor of the Corporate Debtor having filed 'FORM B' with the Resolution Professional and also having been categorized as an Operational Creditor by the Resolution Professional. 5. It is also submitted that all the Operational Creditors are also entitled for a copy of the Resolution Plan, so as to enable them to effectively comment on the Resolution Plan, as the Hon'ble Apex Court in Vijay Kumar Jain vs. Standard Chartered Bank has held as under: operational creditors have no right to vote but are only participants in meetings of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rational creditors and erstwhile members of the Board of Directors have no vote . 8. It is submitted that the Applicant herein Para 14 of the instant Application, had produced only the paragraph of Vijay Kumar Jain vs. Standard Chartered Bank which relates to the operational creditors who are participants in a meeting of CoC. However, in the given case the Applicant is not a participant as the debt of the Applicant is less than ten percent of the total debt. Therefore, the contention of the Applicant that it is entitled to a copy of Resolution Plan is misconceived and legally untenable. 9. It is submitted that the Applicant has no right in the capacity of Operational Creditor to seek a copy of the Resolution Plan since the debt of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority has rightly held that 10% of total debt for the purpose of representation in Committee of Creditors' is to he calculated on the basis of the claim as collated and noticed by the 'resolution professional'. It cannot be based on amount claimed by all the 'Operational Creditors', till it is verified and compared. If the claim of 'Operational Creditors, on verification is found to be less than 10%, the 'Operational Creditors' have no right to claim representation in the meeting of the 'Committee of Creditors'.' Thus when Hon'ble NCLAT has categorically held that such Operational Creditors have no right to claim representation/participation in the CoC meetings, then it naturally follows ..... X X X X Extracts X X X X X X X X Extracts X X X X
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