Consolidated Engineering Company (CEC) and NCC Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions related to the Corporate Insolvency Resolution Process (CIRP) of Golden Jubilee Hotels Private Limited. The applicants sought to be notified of Committee of Creditors (COC) meetings, receive minutes of those meetings, and participate in them. The Resolution Professional (RP) had denied them these opportunities. CEC and NCC, as operational creditors, had submitted claims, part of which were admitted and part disallowed by the RP. The applicants contended that they should be allowed to participate in COC meetings as their aggregate dues exceeded 10% of the total debt, and that the RP had no right to adjudicate
…1. Consolidated Engineering Company (CEC) and NCC Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking certain directions.
2. Golden Jubilee Hotels Private Limited is undergoing Corporate Insolvency Resolution Process (CIRP).
3. CEC filed Form B as an Operational Creditor claiming Rs.20,02,07,912/- against the Corporate Debtor.
4. The Resolution Professional (RP) admitted CEC's claim to the extent of Rs.10,52,37,168/- and disallowed Rs.8,15,20,088/-, taking Rs.1,34,50,656 as contingent liabilities.
5. NCC filed Form B claiming Rs.51,75,95,253/- against the Corporate Debtor.
6. The RP did not admit the full claim of NCC and did not provide reasons for rejecting part of the claim.
7. CEC requested the RP to allow it to attend
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Corporate Insolvency Resolution Process…
CEC filed Form B as Operational Creditor…
Consolidated Engineering Company (CEC) and NCC Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions related to the Corporate Insolvency Resolution Process (CIRP) of Golden Jubilee Hotels Private Limited. The applicants sought to be notified of Committee of Creditors (COC) meetings, receive minutes of those meetings, and participate in them. The Resolution Professional (RP) had denied them these opportunities. CEC and NCC, as operational creditors, had submitted claims, part of which were admitted and part disallowed by the RP. The applicants contended that they should be allowed to participate in COC meetings as their aggregate dues exceeded 10% of the total debt, and that the RP had no right to adjudicate
…1. Consolidated Engineering Company (CEC) and NCC Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking certain directions.
2. Golden Jubilee Hotels Private Limited is undergoing Corporate Insolvency Resolution Process (CIRP).
3. CEC filed Form B as an Operational Creditor claiming Rs.20,02,07,912/- against the Corporate Debtor.
4. The Resolution Professional (RP) admitted CEC's claim to the extent of Rs.10,52,37,168/- and disallowed Rs.8,15,20,088/-, taking Rs.1,34,50,656 as contingent liabilities.
5. NCC filed Form B claiming Rs.51,75,95,253/- against the Corporate Debtor.
6. The RP did not admit the full claim of NCC and did not provide reasons for rejecting part of the claim.
7. CEC requested the RP to allow it to attend
Corporate Insolvency Resolution Process…
CEC filed Form B as Operational Creditor…