# In the matter of E & G Global Estate Ltd.

> NCLT judgment dated 11 Aug 2023. Citation: TCN-2023-NCLT-02036. The present application, IA No. 2081/MB-V/2021, was filed by Mr. Vidyadhar Vasant Pawanaskar…

- **Court:** NCLT
- **Order date:** 11 Aug 2023
- **Citation:** TCN-2023-NCLT-02036
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/e-g-global-estate-ltd-6f1e904d

## Summary

### Background

The present application, IA No. 2081/MB-V/2021, was filed by Mr. Vidyadhar Vasant Pawanaskar and Mr. Vijay Dattatraya Kulkarni, who are employees and operational creditors of E & G Global Estates Limited, the Corporate Debtor. They sought several reliefs, including a stay on the approved Resolution Plan submitted by Mrs. Asha Sanap, reconstitution of the Committee of Creditors (CoC), a direction to the CoC to reconsider both Resolution Plans, and a direction to the Resolution Professional (RP) to reconsider and admit their claims. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was initiated on June 24, 2020, and Mr. Ganesh Labhchand Jain was appointed as the Interim Resolution Professional, later confirmed as the RP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against E & G Global Estates Limited, the Corporate Debtor, on June 24, 2020. Mr. Ganesh Labhchand Jain was initially appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The applicants, Mr. Vidyadhar Vasant Pawanaskar and Mr. Vijay Dattatraya Kulkarni, are employees of the Corporate Debtor and thus operational creditors.

## Issues and analysis

### Issue 1: Whether the Resolution Plan approved by the Committee of Creditors should be stayed and the CoC…

**Ratio:** A Resolution Plan, once approved by the requisite majority of the Committee of Creditors…

**Reasoning:** The NCLT reasoned that the Resolution Plan had already been approved by the requisite…

**Interpretation:** The court interpreted **Section 60(5)** of the **IBC, 2016** and **Rule 11** of…

**Application:** In this case, the Resolution Plan had been approved by 79.60% of the CoC. The…

## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Advocates:** For the Applicant…; For the Respondent…; +1 more

## Timeline

- **June 24, 2020 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate…
- **April 20, 2021 — 8th CoC M…**: The 8th Committee of…

## 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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