The Insolvency and Bankruptcy Board of India (IBBI), acting as the First Appellate Authority (FAA) under the RTI Act, dismissed an appeal filed by Subrata Roy seeking information on the results of the Committee of Creditors (CoC) voting concerning the corporate debtor, Three C Projects Private Limited. The FAA upheld the initial denial by the Central Public Information Officer (CPIO), who stated the information was not available with the Board. Furthermore, the FAA ruled that even if the information were held by the IBBI, the minutes and records of the CoC voting are protected from disclosure under Section 8(1)(d) of the RTI Act. The basis for the exemption is that the Board shares a fiduciary relationship with the Resolution Professional (RP), who is responsible for conducting the meetings and voting under the CIRP Regulations, 2016. The FAA noted that the RP is only mandated to share the minutes with members of the CoC, and the appellant failed to demonstrate any overriding larger public interest to warrant disclosure of these confidential records.
BEFORE THE EXECUTIVE DIRECTOR AND FIRST APPELLATE AUTHORITY
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
7th Floor, Mayur Bhawan, Shankar Market,
Connaught Circus, New Delhi -110001
Dated: 13th October 2025
Order under section 19 of the Right to Information Act, 2005 (RTI Act) in respect of
RTI Appeal Registration No. ISBBI/A/E/25/000118
IN THE MATTER OF
Subrata Roy
Vs.
Central Public Information Officer
The Insolvency and Bankruptcy Board of India
7th Floor, Mayur Bhawan, Shankar Market,
Connaught Circus, New Delhi -110001
1. The Appellant has filed the present Appeal dated 13th September 2025, challenging the communication of the Respondent, filed under the Right to Information Act (RTI Act).
2. The Appellant had sought information on the results of the voting done by the Committee of Creditors (CoC) of the corporate debtor – Three C Projects Private Limited. The Respondent CPIO has replied that the information is not available with the Board. Aggrieved with the same, the Appellant has filed the present Appeal stating that the CPIO has wrongly denied the information sought since the IBBI is the monitoring agency for all CIR process.
3. I have carefully examined the applications, the responses of the Respondent and the Appeals and find that the matter can be decided based on the material available on record. In terms of section 2(f) of the RTI Act ‘information’ means “any material in any form, including records, documents, memos e-mails, opinions, advices, press releases, circulars, orders, logbooks, contracts, reports, papers, samples, models, data material held in any electronic form and information relating to any private body which can be accessed by a public authority under any other law for the time being in force.” It is pertinent to note that the Appellant’s “right to information’ flows from section 3 of the RTI Act and the said right is subject to other provisions of the Act. Section 2(j) of the RTI Act defines the “right to information” in term of information accessible under the Act which is held by or is under the control of a public authority. Thus, if the public authority holds any information in the form of data, statistics, abstracts, an applicant can have access to the same under the RTI Act subject to exemptions under section 8.
4. Regulation 24 and 25 of the CIRP Regulations, 2016 has enshrined the manner in which the RP shall conduct the meeting and voting of the CoC. The RP is mandated to share the records of the minutes of the meeting with the members of the CoC. Since the Board shares a fiduciary relationship with the RP, the minutes of the CoC meeting are exempted from disclosure under Section 8(d) of the RTI Act. Thus, the RP is only obligated to share the minutes of the CoC meeting with its members. Moreover, no larger public interest has been shown by the Appellant to warrant such disclosure.
5. The Appeal is, accordingly, disposed of.
Sd/-
(Kulwant Singh)
First Appellate Authority
Copy to:
1. Appellant, Subrata Roy
2. CPIO, The Insolvency and Bankruptcy Board of India, 7th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi -110001.
