# In the matter of Golden Jubilee Hotels Private Limited

> NCLT judgment dated 2023-10-05. Citation: TCN-2023-NCLT-01386. The case involves an Interlocutory Application (IA No. 158/2022) filed by Mr. Laxmi Narayan…

- **Court:** NCLT
- **Order date:** 5 Oct 2023
- **Citation:** TCN-2023-NCLT-01386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/golden-jubilee-hotels-private-limited-e9af85fe

## Summary

### Background

The case involves an Interlocutory Application (IA No. 158/2022) filed by Mr. Laxmi Narayan Sharma, seeking to be arrayed as a party Respondent in IA 509/2021 in CP(IB) 248/7/HDB/2017. IA 509/2021 was filed by Bank of Baroda, the Financial Creditor of M/s. Golden Jubilee Hotels Pvt. Ltd. (Corporate Debtor), seeking to restrain the Successful Resolution Applicant, M/s.BREP Asia II Indian Holding Company II (NQ) Pte. Ltd. ('Blackstone'), from terminating its Resolution Plan. The Resolution Plan was approved by the Adjudicating Authority on 07.02.2020 but was conditional upon the approval of the State Government for restructuring the shareholding of the Corporate Debtor within one year. The Applicant, Mr. Sharma, is the Promoter and Suspended Director of the Corporate

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## Facts

The Corporate Debtor, M/s. Golden Jubilee Hotels Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) following the admission of a Company Application CP(IB) 248/7/HDB/2017 filed by Bank of Baroda, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 27.02.2018. A Resolution Plan submitted by Blackstone/SRA was approved by the Adjudicating Authority on 07.02.2020. This Resolution Plan was conditional, requiring approval from the State Government for restructuring the Corporate Debtor's shareholding within one year. Clause 10.6 of the Resolution Plan stipulated automatic expiry if the condition precedent was not met within one year. The condition was not fulfilled by 06.02.2021, leading to the Resolution Plan's

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## Issues and analysis

### Issue 1: Whether the Applicant is necessary and proper party …

**Ratio:** After the admission of the Corporate Debtor into CIRP, the Board of Directors is

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**Reasoning:** The Adjudicating Authority reasoned that the concerns raised in IA 509/2021 are matters

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**Interpretation:** The interpretation of Section 17(1)(b) of the IBC suggests that once a

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**Application:** Given that the Corporate Debtor is under CIRP and the concerns raised in IA

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## Parties

- **Judges:** Dr.Venkata…; Satya Ranjan…
- **Appellants:** Laxmi Narayan…
- **Respondents:** M/s. Golden…; Bank of B…

## Timeline

- **2017-01-01 — CP(IB) 248/7/HDB/2017…**: Company Application CP(IB)…
- **2018-02-27 — Admission of CP(IB)…**: Company Application CP(IB) 248/7/HDB/2017 filed by Bank of Baroda was admitted under…

## 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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