"An Information Memorandum in respect of affairs of the Corporate Debtor undergoing Corporate Insolvency Resolution Process is to be prepared in such a manner that incites the Resolution Applicant, but the facts stated t

Section 29 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 36 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 lays down the preparation of an information memorandum as one of the main functions of the resolution professional. An information memorandum is envisaged to be prepared in order for the resolution applicants to provide solutions for resolving the insolvency of the corporate debtor. Hence contents need to be filled in with correct facts without any suppression. At the same time, the contents need to be impressive so that the Resolution Applicant is motivated to put in funds and efforts for revival of the Corporate Debtor. Section 29(2) further indicates authorisation to the Resolution Applicant to access detailed information only after receipt of confidentiality undertaking from such applicant. Thus, the information memorandum and further details are confidential to the Resolution Professional, Resolution Applicant and of course Adjudicating Authority.