# In the matter of E & G Global Estates Limited

> NCLT judgment dated 2023-09-13. Citation: TCN-2023-NCLT-01643. The case pertains to an application (I.A. No. 3718 of 2023) filed for rectification of…

- **Court:** NCLT
- **Order date:** 13 Sept 2023
- **Citation:** TCN-2023-NCLT-01643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/e-g-global-estates-limited-997ad8e0

## Summary

### Background

The case pertains to an application (I.A. No. 3718 of 2023) filed for rectification of inadvertent errors in the order dated 11.08.2023 for IA No. 1150 of 2021. The original petition was filed under section 7 of the Insolvency and Bankruptcy Code by Small Industries Development Bank of India (SIDBI) against E & G Global Estates Limited, the Corporate Debtor, for initiation of CIRP. The CIRP was admitted on 24th June 2020, and Mr. Gajesh Labhchand Jain was appointed as the IRP, later confirmed as the Resolution Professional. During the 8th CoC meeting on 20 April 2021, three resolution plans were voted on, and the plan proposed by Mrs. Asha Shivaji Sanap was approved with 79.60% voting results. IA No. 1150 of 2021, filed under Section 30(6) of the Code for approval

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## Facts

Small Industrial Development Bank of India (SIDBI) initiated Corporate Insolvency Resolution Process (CIRP) against E & G Global Estates Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on June 24, 2020, and Mr. Gajesh Labhchand Jain was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). During the 8th Committee of Creditors (CoC) meeting on April 20, 2021, three resolution plans were considered, and the plan proposed by Mrs. Asha Shivaji Sanap was approved with 79.60% voting results. An application (IA No. 1150 of 2021) was filed under Section 30(6) of the IBC for approval of the Resolution Plan, which was allowed on August 11, 2023. The Resolution Plan included a

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## Issues and analysis

### Issue 1: Whether the proposed addendum to the Resolution Plan, regarding the payment of Insolvency …

**Ratio:** The legal principle applied is that rectifications of inadvertent errors are permissible

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**Reasoning:** The court reasoned that the addendum proposed by the Successful Resolution Applicant

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**Interpretation:** The interpretation focuses on distinguishing between a clarification of an

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**Application:** The court applied this reasoning to the specific facts by noting that the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Gajesh Labhchand…
- **Respondents:** E & G Global…

## Timeline

- **2019-01-01 — C.P. No. 2995…**: Filing of C.P. No. 2995…
- **2020-06-24 — CIRP Admi…**: CIRP admitted against E & G Global Estates Limited; Mr. Gajesh Labhchand Jain appointed…

## 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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