Fiduciary Bar on Minutes and Voting Record Disclosure: IBBI Declines RTI Appeal seeking CoC Voting Results [Read Order]
The Appellate Authority underscored that no larger public interest had been demonstrated to override this exemption. Also, it was observed that the RP is only obligated to share the minutes of the CoC meeting with its members.
In a recent ruling under the Right to Information Act, the Insolvencyand Bankruptcy Board of India (IBBI) has dismissed an appeal seeking disclosure of Committee of Creditors’ (CoC) voting results in the CIRP of a company, reiterating that such records are held in a fiduciary capacity and are exempt from disclosure under Section 8(d) of the RTI Act.
The Appellant had filed an RTI application requesting details of the voting outcomes of the CoC in the corporate insolvency resolution process (CIRP) of Three C Projects Pvt. Ltd.
The Central Public Information Officer (CPIO) of IBBI responded that the requested information was not available with the Board. Contending that IBBI, being the monitoring authority for insolvency processes, was duty-bound to possess and provide such information, the Appellant approached the Appellate Authority challenging the denial.
The appeal was registered on 13 September 2025 and examined by the Appellate Authority, which reviewed the RTI application, the CPIO’s reply, and the arguments raised by the Appellant.
The Appellant argued that the IBBI, as the regulator overseeing insolvency professionals and monitoring resolution proceedings, must have access to the CoC’s decisions, including voting outcomes. Hence, the refusal to disclose the same amounted to an unjustified denial under the RTI Act.
It was further contended that such information falls within the meaning of “information” as defined in Section 2(f) of the Act and should be made available in the public domain for transparency in CIRP outcomes.
The Respondent, on the other hand, maintained that the IBBI neither holds nor controls such information and that CoC voting records form part of the minutes maintained by the Resolution Professional (RP).
These minutes, being shared only among CoC members as per Regulations 24 and 25 of the CIRP Regulations, 2016, are protected by a fiduciary relationship and exempt from disclosure under Section 8(d) of the RTI Act.
After examining the material on record, the Appellate Authority held that the right to information under Sections 2(f) and 2(j) extends only to information “held by or under the control of” a public authority.
Since the IBBI does not maintain CoC voting details, it cannot be compelled to furnish information not in its possession. Further, the Authority observed that even if such information were available, disclosure of CoC minutes and voting records would be barred under Section 8(d) of the RTI Act, as they are held in a fiduciary capacity by the RP.
Noting that the Appellant failed to establish any overriding public interest warranting disclosure, Kulwant Singh of the Appellate Authority dismissed the appeal, affirming that confidentiality in CoC proceedings forms a crucial element of the insolvency resolution framework.
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