# In the matter of Euphoria Technologies Pvt. Ltd. CP(IB) 78 of 2020

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-02487. The case involves an order under Section 9 of the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02487
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/euphoria-technologies-pvt-ltd-cpib-78-of-2020-6b71c7b3

## Summary

### Background

The case involves an order under Section 9 of the Insolvency and Bankruptcy Code (IBC). The learned counsel states that a CIRP order was passed against Euphoria Technologies Pvt. Ltd. on 17.03.2021 in C.P.(IB) 157/2019 by Bench-1, based on an application by Centillion Solutions & Services Pvt. Ltd. The counsel also notes that the Corporate Debtor did not inform the Hon'ble NCLAT about the CIRP initiation during an appeal process from March 2021 to February 2022.

## Facts

Manpower Group Services India Pvt Ltd filed an application against Euphoria Technologies Pvt Ltd. A CIRP order was previously passed against Euphoria Technologies Pvt. Ltd. on 17.03.2021 in C.P.(IB) 157/2019 by Bench-1, initiated by Centillion Solutions & Services Pvt. Ltd. Euphoria Technologies Pvt Ltd. did not inform the Hon'ble NCLAT about the CIRP initiation while pursuing an appeal from March 2021 to February 2022. This lack of disclosure is a key fact influencing the current order.

## Issues and analysis

### Issue 1: Whether the conduct of the Corporate Debtor in failing to disclose the CIRP initiation to the NCLAT …

**Ratio:** The principle of transparency and full disclosure is crucial in insolvency proceedings.

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**Reasoning:** The court finds that the Corporate Debtor's failure to inform the NCLAT about the CIRP

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**Interpretation:** The interpretation emphasizes the importance of parties being forthright with

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**Application:** Given the Corporate Debtor's failure to disclose the CIRP initiation, the court

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Manpower Group…
- **Respondents:** Euphoria Technolog…

## Timeline

- **2021-03-17 — CIRP Ord…**: CIRP order passed against Euphoria Technologies…
- **2021-03-01 — Appeal Perio…**: Start of the period during which the Corporate Debtor was appearing in appeal before the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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