Approval of Resolution Plan - Educomp Solutions Limited [Ia. No. 195-ND-2018, CA-160(PB)-2018 & Ia No. 4845-2023 in Company Petition No. (IB)-101-(PB)-2017]
Case brief
What is this about?
The adjudicating authority approved the Resolution Plan submitted by Ebix E-Learning Ventures Pte. Ltd. (Resolution Applicant/SRA) for Educomp Solutions Limited, holding the plan binding and irrevocable upon submission to the authority. The court rejected arguments that the plan remained an offer or that the Adjudicating Authority could permit withdrawal. Crucially, the authority directed the SRA to furnish a Performance Bank Guarantee of Rs. 32.5 Crores within three weeks, as per a specific order by the Hon'ble Supreme Court, to secure implementation of the Plan. The moratorium under Section 14 of the IBC ceased forthwith upon approval.
What did the court decide?
The Resolution Plan submitted by Ebix E-Learning Ventures Pte. Ltd. (SRA) for Educomp Solutions Limited is approved and binding on the Corporate Debtor, employees, creditors, guarantors, and stakeholders. The SRA is directed to furnish a Performance Bank Guarantee of Rs. 32.5 Crores within three weeks to secure implementation of the Plan. The moratorium under Section 14 of the IBC shall cease to h