Consolidated Engineering Co. & Anr. Vs. Golden Jubilee Hotels Pvt. Ltd. [CA (AT) (Insolvency) No. 501-2018] - Synopsis
Team SoOLEGAL 15 Feb 2021

Prima facie we are of the view that the Adjudicating Authority has rightly held that 10% of total debt for the purpose of representation in ‘’Committee of Creditors’ is to be calculated on the basis of the claim as collated and noticed by the ‘resolution professional’.
It cannot be based on the amount claimed by all the ‘Operational Creditors’, till it is verified and compared. If the claim of ‘Operational Creditors, on verification is found to be less than 10%, the ‘Operational Creditors’ have no right to claim representation in the meeting of the ‘Committee of Creditors’.


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