This is an application, IA No. 2081/MB-V/2021, filed by Mr. Vidyadhar Vasant Pawanaskar & Mr. Vijay Dattatraya Kulkarni, the Applicants, under Section 60 (5) of IBC, 2016 r/w Rule 11 of NCLT, 2016, seeking reliefs related to the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The applicants are employees of the Corporate Debtor and are Operational Creditors. The CIRP was initiated vide order dated 24.06.2020, and Mr. Ganesh Labhchand Jain was appointed as the Interim Resolution Professional, later as the Resolution Professional (RP). The applicants are aggrieved by the meager amount proposed in the Resolution Plan.
The Corporate Insolvency Resolution Process (CIRP) was initiated against E & G Global Estates Limited on 2020-06-24. Mr. Ganesh Labhchand Jain was appointed as the Interim Resolution Professional and later as the Resolution Professional (RP). Mr. Vidyadhar Vasant Pawanaskar and Mr. Vijay Dattatraya Kulkarni, employees of the Corporate Debtor, filed a claim as Operational Creditors. Applicant No.1 claimed Rs.25,92,534/-, and the RP admitted Rs.23,27,337/-. Applicant No.2 claimed Rs.7,68,988/-, and the RP admitted Rs.6,99,080/-. The CoC, comprising Small Industries Development Bank of India (SIDBI) and home buyers, approved a Resolution Plan proposed by Mrs. Asha Shivaji Sanap with 79.60% votes. The plan initially allocated Rs.1.5 lakh towards employee claims, which
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Corporate Insolvency…
The CoC membe…
This is an application, IA No. 2081/MB-V/2021, filed by Mr. Vidyadhar Vasant Pawanaskar & Mr. Vijay Dattatraya Kulkarni, the Applicants, under Section 60 (5) of IBC, 2016 r/w Rule 11 of NCLT, 2016, seeking reliefs related to the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The applicants are employees of the Corporate Debtor and are Operational Creditors. The CIRP was initiated vide order dated 24.06.2020, and Mr. Ganesh Labhchand Jain was appointed as the Interim Resolution Professional, later as the Resolution Professional (RP). The applicants are aggrieved by the meager amount proposed in the Resolution Plan.
The Corporate Insolvency Resolution Process (CIRP) was initiated against E & G Global Estates Limited on 2020-06-24. Mr. Ganesh Labhchand Jain was appointed as the Interim Resolution Professional and later as the Resolution Professional (RP). Mr. Vidyadhar Vasant Pawanaskar and Mr. Vijay Dattatraya Kulkarni, employees of the Corporate Debtor, filed a claim as Operational Creditors. Applicant No.1 claimed Rs.25,92,534/-, and the RP admitted Rs.23,27,337/-. Applicant No.2 claimed Rs.7,68,988/-, and the RP admitted Rs.6,99,080/-. The CoC, comprising Small Industries Development Bank of India (SIDBI) and home buyers, approved a Resolution Plan proposed by Mrs. Asha Shivaji Sanap with 79.60% votes. The plan initially allocated Rs.1.5 lakh towards employee claims, which
…Corporate Insolvency…
The CoC membe…