NCLT Orders Remittal of Educomp Solutions’ Resolution Plan to Committee of Creditors

NCLT Orders Remittal of Educomp Solutions’ Resolution Plan to Committee of Creditors​

The National Company Law Tribunal (NCLT) New Delhi Bench has ordered the remittal of Educomp Solutions Limited’s resolution plan back to the Committee of Creditors (CoC) to initiate a fresh process for inviting resolution plans. The decision, delivered on March 13, 2026, followed the non-implementation of the previously approved resolution plan by the Successful Resolution Applicant (SRA).

The tribunal noted that Section 31(1) of the Insolvency and Bankruptcy Code (IBC) mandates that resolution plans are binding on all stakeholders, including the SRA. The NCLT determined that the SRA’s defiance of the resolution plan warranted referral to the Insolvency and Bankruptcy Board of India (IBBI) for action under Section 236(2) of the IBC.

A consortium of lenders, holding 63% of the voting share, requested the remittal to maximize the value of the corporate debtor. The NCLT stipulated that the fresh process must be completed within 100 days and made it clear that the SRA’s failure to implement the plan does not absolve it of its liabilities.

The tribunal also directed that it is for the CoC to decide regarding the replacement of the Resolution Professional as per Section 22 read with Section 27 of IBC, 2016. Several other interim applications were disposed of in light of the main order. SBI’s counsel requested that all pending compliances be completed and that relevant authorities be informed of the commitment to ensure compliance and payment of dues.

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