Creditors look for new investors for Educomp under IRP

Bids have been invited from interested investors for e-learning solutions provider Educomp Solutions under the insolvency resolution process, the company informed the bourses today.
Prospective investors, lenders and other interested parties have been asked to submit a resolution plan in respect of the corporate debtor on or before November 10, 2017.
"We are publishing expression of interest (EOI) ... requesting prospective investors i.e. potential resolution applicants to submit their bids in relation to the Corporate Insolvency Resolution Process (CIRP) of the company," Educomp Solutions said in a regulatory filing.
The National Company Law Tribunal on May 30, 2017, ordered commencement of the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, according to the EoI inviting notice.