# In the matter of ELHPL Pvt. Ltd. (IB)-508-(PB)-2017

> NCLT judgment dated 2018-03-13. Citation: TCN-2018-NCLT-01717. The case involves M/s. ELHPL Pvt. Ltd. as the applicant/petitioner under Section 10 of the…

- **Court:** NCLT
- **Order date:** 13 Mar 2018
- **Citation:** TCN-2018-NCLT-01717
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/elhpl-pvt-ltd-ib-508-pb-2017-4dfa648e

## Summary

### Background

The case involves M/s. ELHPL Pvt. Ltd. as the applicant/petitioner under Section 10 of the Insolvency & Bankruptcy Code, 2016. A demand draft for Rs. 78,45,88,609.00 drawn on Punjab National Bank, Punjabi Bagh, New Delhi, was handed over to Ms. Padmaja Kaul, Counsel for the petitioner, which discharges the obligation of Vidya Mandir Classes Limited (VMCL) and that of ELHPL Pvt. Ltd.

## Facts

M/s. ELHPL Pvt. Ltd. filed an application/petition under Section 10 of the Insolvency & Bankruptcy Code, 2016. Vidya Mandir Classes Limited (VMCL) had an obligation to ELHPL Pvt. Ltd. A demand draft for Rs. 78,45,88,609.00, drawn on Punjab National Bank, Punjabi Bagh, New Delhi, was handed over to Ms. Padmaja Kaul, the counsel for the petitioner. This payment was intended to discharge the obligation of VMCL and ELHPL Pvt. Ltd. The court then considered the proceedings in (IB)-587(PB)/2017 and (IB)-508 (PB)/2017 to determine whether they should continue for adjudication, given the payment made.

## Issues and analysis

### Issue 1: Whether the proceedings in (IB)-587(PB)/2017 and (IB)-508 (PB)/2017 survive for adjudication given …

**Ratio:** Proceedings that no longer have a basis for adjudication should be closed to ensure

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**Reasoning:** The court reasoned that since the obligation of VMCL and ELHPL Pvt. Ltd. was discharged

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**Interpretation:** The interpretation is that once the underlying debt or obligation is satisfied,

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** M/s. ELHPL Pvt.…
- **Respondents:** ELHPL Pvt…
- **Advocates:** U.K. Chau…; Aditya…; +8 more

## Timeline

- **2018-03-13 — Order Del…**: Order delivered on 13.03.2018…

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