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

> NCLT judgment dated 2023-08-11. Citation: TCN-2023-NCLT-02033. This is an application, IA No. 2081/MB-V/2021, filed by Mr. Vidyadhar Vasant Pawanaskar & Mr.…

- **Court:** NCLT
- **Order date:** 11 Aug 2023
- **Citation:** TCN-2023-NCLT-02033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/e-g-global-estate-ltd-0305b50b

## Summary

### Background

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.

## Facts

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

…

## Issues and analysis

### Issue 1: Whether the Interlocutory Application filed by the Applicants has merit and is liable to be …

**Ratio:** The court considered that the Resolution Plan had already been approved by the CoC and

…

**Reasoning:** The court reasoned that the Applicants had no merit in their claim because the CoC had

…

**Interpretation:** The court interpreted that the Interlocutory Application lacked merit because

…

**Application:** The court applied this reasoning to the specific facts of the case, noting that

…

## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Vidyadhar Vasant…
- **Respondents:** E & G Global…; Ganesh L.…
- **Advocates:** Shyam Ka…

## Timeline

- **2020-06-24 — Initiation…**: Corporate Insolvency Resolution Process (CIRP)…
- **2021-04-20 — 8th CoC M…**: The CoC members held…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/e-g-global-estate-ltd-0305b50b