# In the matter of E & G Global Estates Limited

> NCLT judgment dated 2023-09-13. Citation: TCN-2023-NCLT-01646. 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-01646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/e-g-global-estates-limited-c31a26f6

## 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 the Corporate Insolvency Resolution Process (CIRP). The CIRP was admitted on 24th June 2020, and Mr. Gajesh Labhchand Jain was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional.

## Facts

Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code against E & G Global Estates Limited for initiation of CIRP. The CIRP was admitted on 24th June 2020, and Gajesh Labhchand Jain was appointed as the IRP and later confirmed as the Resolution Professional. During the 8th CoC meeting on 20th April 2021, three resolution plans were voted on, and the plan proposed by Asha Shivaji Sanap was approved with 79.60% voting results. An application (IA No. 1150 of 2021) was filed for approval of the Resolution Plan on 27th May 2021 and was allowed on 11th August 2023. The addendum to the Resolution Plan submitted by Asha Shivaji Sanap proposed that the CIRP Cost be paid at actuals. The application I.A. No.

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## Issues and analysis

### Issue 1: Whether the proposed rectifications in the order dated 11.08.2023, concerning the treatment of …

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

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**Reasoning:** The court reasoned that the submission made by the counsel for the Applicant was true in

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**Interpretation:** The interpretation is that rectifications are allowed to correct errors and

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**Application:** The court applied this principle by examining the discrepancies between 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. 299…**: C.P. No. 2995 of 2019…
- **2020-06-24 — CIRP Admi…**: CIRP was admitted against E &…

## 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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