# In the matter of Millennium Education Foundation

> NCLT judgment dated 2025-03-21. Citation: TCN-2025-NCLT-01044. The Resolution Professional filed an application under Section 33 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Mar 2025
- **Citation:** TCN-2025-NCLT-01044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/millennium-education-foundation-824e9f11

## Summary

### Background

The Resolution Professional filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, Millennium Education Foundation. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 04.07.2023, following an application under Section 9 of the Code by Educomp Infrastructure & School Management Limited, the Operational Creditor.

## Facts

The CIRP was initiated against Millennium Education Foundation on 04.07.2023 based on an application by Educomp Infrastructure & School Management Limited.

Hans Raj Chugh was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.

The CoC comprised solely of Jasrati Education Solutions Limited, holding 100% of the voting power.

The CoC approved the liquidation of the Corporate Debtor in its 6th meeting held on 09.12.2023.

Sumit Sharma was appointed as the Liquidator.

The Corporate Debtor had not been functioning for the past 19 years, and its assets were in a dilapidated condition.

Claims of Rs. 5,91,96,659.45/- have been admitted till date out of the total claims of Rs. 5,91,96,659.45/-.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the liquidation of the Corporate Debtor based on …

**Ratio:** Section 33(2) of the Code provides that the Adjudicating Authority shall pass an order

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**Reasoning:** The CoC, with 100% voting power, approved the liquidation of the Corporate Debtor. The

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**Interpretation:** The Adjudicating Authority interpreted Section 33(2) to mean that it should

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**Application:** The Adjudicating Authority applied Section 33(2) and approved the liquidation

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Hans Raj…
- **Respondents:** Millennium…
- **Other parties:** Jasrati Education…; Sumit S…; +1 more
- **Advocates:** Ryan S…; Suchit Sing…; +4 more

## Timeline

- **2023-07-04 — Initiation…**: Corporate Insolvency Resolution Process…
- **2023-08-02 — 1st CoC M…**: Hans Raj Chugh confirmed as…

## 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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