# In the matter of Concept Eduventures Pvt. Ltd. IA (IBC) No.61-GB-2021 in C.P. (IB)No.03-GB-2020

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03570. The case involves the corporate insolvency resolution process (CIRP) of Concept Eduventure…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03570
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/concept-eduventures-pvt-ltd-ia-ibc-no61-gb-2021-in-cp-ibno03-gb-2020-9a19c826

## Summary

### Background

The case involves the corporate insolvency resolution process (CIRP) of Concept Eduventure Private Limited. The CIRP was initiated following an order dated 26.02.2020, with Mr. Amit Pareek initially appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Kamal Agarwal replaced Mr. Pareek as the Resolution Professional (RP) through an order dated 09.12.2020. During the CIRP, the Committee of Creditors (CoC) initially resolved to liquidate the corporate debtor due to the absence of a resolution plan. However, the NCLT directed the RP to explore the possibility of a resolution plan. Eventually, two resolution plans were submitted, with the plan submitted by M/s VC Education being approved by the CoC with 100% voting share on 03.11.2021. The resolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Concept Eduventure Private Limited on 26.02.2020. Mr. Amit Pareek was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Kamal Agarwal. The Committee of Creditors (CoC) initially resolved to liquidate the company due to the absence of a resolution plan, but the NCLT directed the RP to explore resolution possibilities. Two resolution plans were eventually submitted, with M/s VC Education's plan approved by the CoC with 100% voting share on 03.11.2021. The resolution plan proposed a total payment of Rs 1,05,00,000 to various creditors, including CIRP costs, financial creditors, operational creditors, and ESIC claims. The plan also addressed the management of the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s VC Education meets the requirements of Section 31 r/w …

**Ratio:** Section 31 of the IBC states that if the Adjudicating Authority (NCLT) is satisfied that

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**Reasoning:** The NCLT perused the Resolution Plan and considered that the Resolution Plan along with

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**Interpretation:** Section 30(2) outlines the mandatory requirements that a resolution plan must

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**Application:** The NCLT applied the provisions of Section 31 r/w Section 30(2) of the IBC to

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## Parties

- **Judges:** RohitKa…; Prasanta Kumar…
- **Appellants:** Kamal Ag…
- **Respondents:** Concept Eduventure…; Kotak Mahindra…

## Timeline

- **2020-02-26 — Initiation…**: CIRP initiated and Mr. Amit…
- **2020-05-06 — First Meeting…**: First Meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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