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

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-02490. The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/euphoria-technologies-pvt-ltd-cpib-78-of-2020-ee37887b

## Summary

### Background

The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against Euphoria Technologies Pvt. Ltd. An order for CIRP was passed on 2021-03-17 in C.P.(IB) 157/2019 by Bench-1, based on an application by Centillion Solutions & Services Pvt. Ltd., another Operational Creditor. The applicant states that the corporate debtor did not intimate NCLAT of the fact of initiation of CIRP in March, 2021 till February, 2022.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Euphoria Technologies Pvt. Ltd. on 2021-03-17, based on an application filed by Centillion Solutions & Services Pvt. Ltd. The applicant alleges that Euphoria Technologies Pvt. Ltd. did not inform the Hon'ble NCLAT about the CIRP initiation while pursuing an appeal before it from March 2021 to February 2022. This lack of disclosure is considered a significant fact, potentially impacting the fairness and transparency of the proceedings. The court is considering recording the conduct of the Corporate Debtor.

## Issues and analysis

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

**Ratio:** The principle of transparency and good faith is essential in insolvency proceedings.

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**Reasoning:** The court notes the Corporate Debtor's failure to inform the Hon'ble NCLAT about the CIRP

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**Interpretation:** The interpretation of the law emphasizes the importance of full disclosure and

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

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Manpower Group…
- **Respondents:** Euphoria Technolog…
- **Advocates:** Garima Ma…

## Timeline

- **2021-03-17 — CIRP Order…**: CIRP order passed against Euphoria Technologies…
- **2021-03-01 — CIRP Init…**: Initiation of CIRP in March,…

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