# In the matter of Golden Jubilee Hotels Private Limited IA No. 232 of 2018 in CP(IB)No. 248-7-HDB-2017

> NCLT judgment dated 2018-07-26. Citation: TCN-2018-NCLT-01064. Consolidated Engineering Company (CEC) and NCC Limited filed an application under Section 60(5)…

- **Court:** NCLT
- **Order date:** 26 Jul 2018
- **Citation:** TCN-2018-NCLT-01064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/golden-jubilee-hotels-private-limited-ia-no-232-of-2018-in-cpibno-248-7-hdb-2017-ba439cb5

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether the word 'debt' in Section 24(3)(c) of the IBC refers to total debt or only operational …

**Ratio:** The word 'debt' as defined in Section 3(11) of the Code means a liability or obligation

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**Reasoning:** The court reasoned that if the Legislature intended to fix the minimum 10% of the

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**Interpretation:** The interpretation of 'debt' is crucial in determining the eligibility of

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**Application:** In this case, the court applied the interpretation that 'debt' refers to total

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Appellants:** Consolidated…
- **Respondents:** Golden Jubilee…

## Timeline

- **2017-01-01 — CP(IB) No.248/7…**: Corporate Insolvency Resolution Process initiated for Golden Jubilee Hotels Private…
- **2018-03-13 — CEC files…**: CEC filed Form B as Operational Creditor claiming Rs.20,02,07,912/- against the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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