NCLT receives final resolution plan of Educomp; hearing on March 13

The final resolution plan for debt-laden Educomp Solutions has been submitted to the National Company Law Tribunal (NCLT) which will hold a hearing on it next week, a source said.

"The final plan has been submitted to NCLT," a source privy to the development said.

In a meeting of the Committee of Creditors (CoC), around 75.5 per cent votes were in favour of the resolution plan for the e-learning solutions provider.

Ebix Inc, a supplier of on-demand software solutions and e-commerce services to the insurance industry in offshore and custom software development, has emerged as the front runner to acquire the debt-laden firm which has filed for bankruptcy, the source said.

Ebix had made an offer of around Rs 3.25 billion for the online education services provider, the source said, adding that Educomp owes around Rs 30 billion to a clutch of banks.

"In the final voting, 74 per cent votes were in favour of resolution. Besides the confirmation of 1.5 per cent came on the mail," the source said.

On March 13, NCLT will have a final hearing on the resolution plan, he added.

When contacted, Resolution Professional (RP) Mahender Kumar Khandelwal declined to comment on the development.

The NCLT 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.