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Publication Of Homebuyers’ Names In List Of Creditors Necessary And Will Not Violate Privacy

In IDBI BANK LTD vs JAYPEE INFRA TECH LTD., application was filed by the IRP before the Allahabad Bench of the NCLT, seeking certain directions regarding compliance with Regulation 13(2) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Following Supreme Court's direction to include homebuyers in the committee of creditors, while displaying the details of allottees of real estate project of JIL on the website, IRP mentioned the unique code number assigned to the allottees instead of giving their names. According to the IRP, the investment in flats or plots of land by allottee is information private to the allottees and displaying their names and other personal details without their consent may amount to breach of privacy of any allottee which was opposed by IDBI and other creditors. 

The object of directing the JRP to publish the list of the creditors containing the names of the creditors along with the amount claimed by them, is to maintain transparency in respect of their claims and to determine their voting share. Therefore, such an information must be made available not only to the members of COC and to the other creditors who are not members of the COC and to the whole world. That is why the Regulation 1 3(2) enjoins on the IRP to publish the list of creditors containing the names of the creditors along with the amount claimed by them on the website of the Corporate Debtor.

The Tribunal noted that IRP had no case that any request was received from any homebuyer regarding withholding of identity. Even several homebuyers in the CoC are opposing the request of IRP. Hence, the request was termed as baseless as per the order passed on December 10.

Further, the Tribunal noted that each home buyer has got a voting share depending upon his claim amount verified by the IRP. Therefore, what are the claims verified in respect of each home buyer must be made known to the other claimants also. The Tribunal also rejected the argument of IRP that publication of names will infringe right to privacy.

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