The Hon’ble National Company Law, New Delhi Bench II passed an order yesterday approving the Resolution Plan of Ebix Singapore Pte. Limited for Educomp Solutions Ltd. (an ed-tech company) which has been undergoing corporate insolvency resolution process since 2017. The application for approval of the Resolution Plan was filed by Mr. Mahender Kumar Khandelwal, Resolution Professional (“RP”) of Educomp Solutions Ltd.
The corporate insolvency resolution process against Educomp Solutions Ltd. was commenced on 30.05.2017 by the Hon’ble National Company Law, New Delhi Bench II. The Resolution Plan submitted by Ebix Singapore Pte. Limited was approved by the Committee of Creditors (“COC”) in the year 2018. However, Ebix Singapore Pte. Limited sought withdrawal of its own Resolution Plan on various grounds and the same was carried in appeal upto the Hon’ble Supreme Court. On 13.09.2021, the Hon’ble Supreme Court by way of a landmark decision dismissed the appeal filed by Ebix Singapore Pte. Limited and did not permit Ebix Singapore Pte. Limited to withdraw its Resolution Plan.
Pursuant to the Supreme Court’s decision, the Hon’ble National Company Law, New Delhi Bench II heard the plan approval application and after considering the objections to the application (including those put forth by Ebix Singapore Pte. Limited itself), allowed the plan approval application on 09.10.2023.
Dentons Link Legal team comprising of Abhishek Sharma, Partner, Gaurav Arora, Senior Associate and Kritya Sinha, Associate appeared for Mr. Mahender Kumar Khandelwal, Resolution Professional of Educomp Solutions Ltd.