The National Company Law Appellate Tribunal (NCLAT), New Delhi, has set aside an order allowing Ebix to withdraw its takeover bid for Educomp Solutions Ltd. which was approved by the committee of lenders.<\/p>\n
The National Company Law Tribunal, Principal Bench, New Delhi had allowed Ebix to withdraw its takeover bid, against which Committee of Creditors of Educomp Solutions Ltd., through State Bank of India, moved the NCLAT.<\/p>\n
The NCLAT held that NCLT, after approval of the Resolution Plan by the Committee of Creditors, had no jurisdiction to entertain or to permit the withdrawal application filed by Ebix.<\/p>\n
This court comes to a cocksure conclusion that the \u2018Adjudicating Authority\u2019, in law cannot enter into the arena of the majority decision of the \u2018Committee of Creditors\u2019 other than the grounds mentioned in Section 32 (a to e) of the Insolvency and Bankruptcy Code, it added. <\/p>\n
Section 32-A grants immunity to a resolution applicant from any offences committed by the company, prior to the commencement of corporate insolvency process.<\/p>\n
It is not open for Ebix to take a \u2018topsy turvy\u2019 stance, after accepting that as per the provisions of the code that \u2018no change or supplementary information to the \u2018Resolution Plan\u2019 shall be accepted after the submission date of \u2018Resolution Plan\u2019, NCLAT said.<\/p>\n
Educomp, which owed lenders nearly \u20b93,000 crore, was admitted into insolvency proceedings in 2017.<\/p>\n<\/div>\n