Mr. Jayant S Sanap
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E&G Global Estates limited (CIN: U45400MH2008PLC182480) is an unlisted public company, having its registered office at Nashik. Corporate Insolvency Resolution Process (CIRP) of the M/s E&G Global Estates limited was initiated, vide an order dated 24.06.2020 in C.P. No. 2995 of 2019, underSection 7 of the Insolvency and Bankruptcy Code 2016 and Mr. Gajesh Labhchand Jain, wasappointed as Interim Resolution Professional. The IRP constitutedthe Committee of Creditors. The COC in its 2nd meeting held on01.09.2020 appointed the present Applicant as the ResolutionProfessional.The COC, in its 8thmeeting held on 20.04.2021, approved. Resolution Plan submitted by Mrs. Asha Shivaji Sanap with avoting share of 79.60%.The Resolution Professional submitted Interlocutory Application No. 1150 of 2021 for approval of the plan to Hon’ble NCLT Mumbai Bench for approval and through order dated 11.08.2023 it is allowed. TheResolution Plan submitted by Mrs. Asha Shivaji Sanap, is thus hereby approved. The erstwhile Resolution Professional further submitted Interlocutory Application No3718for rectification of some part of the order which is also allowed by NCLT Mumbai bench by order dated 13.09.2023. After that the Resolution Applicant Mrs. Asha Shivaji Sanap conducted a joint meeting along with COC Member and erstwhile Resolution Professional at Nashik on 22.09.2023 and formerly physical charge of the property of the company during this meeting.
Pursuant to para 9 ( c ) of the Minutes of the Meeting for the meeting held on 22.09.2023 it following action plan was recorded.
As per the approved resolution plan, the homebuyer was to be provided with an opportunity to exit the project based on their respective commercial wisdom. In event of any homebuyer exercises his decision to exist the project, he/she is to be paid the amount as admitted during the CIRP process, on other hand the continuing home buyer shall provide the tentative schedule of the payment of their contractual dues as per the agreements / documents executed by them with the company. There was one of the agenda for the meeting to conduct voting during the meeting to facilitate such exercise of option by respective homebuyer. On request of the home buyers present, andfor benefit could not attend the meeting, the voting was postponed for the next meeting to provide them more time for making appropriate decision in this matter. Thus, activity of voting was postponed till next meeting.