# In the matter of ELHPL Private Limited C.P. No. (IB)-508-(PB)-2017

> NCLT judgment dated 2017-12-11. Citation: TCN-2017-NCLT-00072. ELHPL Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Dec 2017
- **Citation:** TCN-2017-NCLT-00072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/elhpl-private-limited-cp-no-ib-508-pb-2017-f2560f66

## Summary

### Background

ELHPL Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. ELHPL was initially incorporated as Threebrix E-Services Private Limited in 2005 and later renamed Educomp Learning Hour Private Limited before being realigned as ELHPL Private Limited. ICICI Bank, a financial creditor, opposed the petition, alleging it was filed fraudulently and in collusion with VMCL, a related company. ICICI Bank claimed that ELHPL was attempting to classify VMCL as a financial creditor to gain an advantage in the Committee of Creditors. The bank argued that ELHPL was in breach of the novation agreement and had incurred liabilities without permission. The applicant had taken financial assistance

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## Facts

ELHPL Private Limited (formerly Threebrix E-Services Private Limited and Educomp Learning Hour Private Limited) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). ICICI Bank Limited, a financial creditor, opposed the petition, alleging fraudulent intent and collusion with Vidya Mandir Classes (VMCL), a related company. ELHPL had availed a Working Capital Term Loan of Rs. 80 Crores from ICICI Bank. ESL (Educomp Solutions Limited) filed for Corporate Debt Restructuring (CDR) in July 2013. In March 2014, ICICI Bank shifted its exposure in ESL for Rs. 80 Crore to ELHPL. ICICI Bank also sanctioned a further loan of Rs. 40 crores to ELHPL. ELHPL took financial assistance from VMCL to

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## Issues and analysis

### Issue 1: Whether the petition filed by the corporate debtor, ELHPL Private Limited, under Section 10 of the …

**Ratio:** Section 10 of the IBC allows a corporate debtor to initiate the insolvency resolution

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**Reasoning:** The NCLT found that ELHPL had furnished the required information relating to its books of

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**Interpretation:** Section 10 provides a mechanism for corporate debtors facing financial distress

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**Application:** The tribunal applied the provisions of Section 10 to the facts of the case and

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## Parties

- **Judges:** M. M. K…; Deepa Kr…; +1 more
- **Respondents:** ELHPL PRIVATE…; ICICI Bank…
- **Advocates:** U.K. Chau…; Ajay…; +6 more

## Timeline

- **2005-01-01 — Incorpor…**: ELHPL was initially incorporated as…
- **2009-01-01 — Name Cha…**: The company's name was substituted with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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