The Interlocutory Application IA 1387/MB-V/2022 was filed by G. S. Constructions, through its proprietor Mr. Sushil Uttarwar, under Section 60(5) of the IBC, 2016, seeking various reliefs, including quashing the existing Committee of Creditors (CoC) of E & G Global Estates Limited (Corporate Debtor), declaring the CoC's actions void, directing Respondent No. 1 to call for outstanding dues from home buyers, reconstituting the CoC, reconsidering resolution plans, directing negotiation and handover of unsold units, and rejecting the resolution plan submitted by Mrs. Asha Sanap. The applicant, G. S. Constructions, is an investor and shareholder of the corporate debtor, E & G Global Estates Limited, holding approximately 48% of the company's shares. They infused
…G. S. Constructions, through its proprietor Mr. Sushil Uttarwar, filed IA 1387/MB-V/2022 seeking to quash the existing CoC of E & G Global Estates Limited (Corporate Debtor). G. S. Constructions is an investor and shareholder holding approximately 48% of the Corporate Debtor. They infused funds based on an MoU dated 10.12.2018, paying Rs.75 lakh to SIDBI. SIDBI filed a Company Petition No. 2995 of 2019 under Section 7 of the Code against the Corporate Debtor, claiming a default of Rs.3,85,15,033/-. The NCLT admitted the petition into CIRP. G. S. Constructions' claim as a financial creditor was rejected by the Interim Resolution Professional. The CoC was formed, comprising 52 home buyers and SIDBI. The applicant's resolution plan was rejected, and Mrs. Asha Sanap's
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The Interlocutory Application IA 1387/MB-V/2022 was filed by G. S. Constructions, through its proprietor Mr. Sushil Uttarwar, under Section 60(5) of the IBC, 2016, seeking various reliefs, including quashing the existing Committee of Creditors (CoC) of E & G Global Estates Limited (Corporate Debtor), declaring the CoC's actions void, directing Respondent No. 1 to call for outstanding dues from home buyers, reconstituting the CoC, reconsidering resolution plans, directing negotiation and handover of unsold units, and rejecting the resolution plan submitted by Mrs. Asha Sanap. The applicant, G. S. Constructions, is an investor and shareholder of the corporate debtor, E & G Global Estates Limited, holding approximately 48% of the company's shares. They infused
…G. S. Constructions, through its proprietor Mr. Sushil Uttarwar, filed IA 1387/MB-V/2022 seeking to quash the existing CoC of E & G Global Estates Limited (Corporate Debtor). G. S. Constructions is an investor and shareholder holding approximately 48% of the Corporate Debtor. They infused funds based on an MoU dated 10.12.2018, paying Rs.75 lakh to SIDBI. SIDBI filed a Company Petition No. 2995 of 2019 under Section 7 of the Code against the Corporate Debtor, claiming a default of Rs.3,85,15,033/-. The NCLT admitted the petition into CIRP. G. S. Constructions' claim as a financial creditor was rejected by the Interim Resolution Professional. The CoC was formed, comprising 52 home buyers and SIDBI. The applicant's resolution plan was rejected, and Mrs. Asha Sanap's
…An MoU was entered into between the parties,…
A completion Certificate…