# In the matter of Wave Global Educational Services Private Limited

> NCLT judgment dated 2025-09-02. Citation: TCN-2025-NCLT-01405. The case involves an application (I.A. No. 2903 of 2022) filed by the Liquidator of Wave Global…

- **Court:** NCLT
- **Order date:** 2 Sept 2025
- **Citation:** TCN-2025-NCLT-01405
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/wave-global-educational-services-private-limited-ebafef68

## Summary

### Background

The case involves an application (I.A. No. 2903 of 2022) filed by the Liquidator of Wave Global Educational Services Private Limited against Axis Tutorials Private Limited, seeking recovery of Rs. 1,08,31,300/- along with interest.

## Facts

CIRP was initiated against Wave Global Educational Services Private Limited on 18.11.2019.

A liquidation order was passed on 11.08.2021, and Radhey Shyam Yadav was appointed as the Liquidator.

A Share Purchase Agreement was signed between Wave Global and Axis Tutorials on 29.12.2017.

A Demerger Agreement dated 02.05.2018 revoked the Share Purchase Agreement and mandated Axis Tutorials to refund Rs. 1,08,00,000/- to Wave Global.

Axis Tutorials issued cheques towards the refund, but they were dishonored.

Email communications were sent to Axis Tutorials requesting payment, but no response was received.

A legal notice was sent to Axis Tutorials, but it was returned undelivered.

…

## Issues and analysis

### Issue 1: Whether Axis Tutorials Private Limited is liable to pay Rs. 1,08,31,300/- along with interest to …

**Ratio:** The Demerger Agreement mandated Axis Tutorials to refund Rs. 1,08,00,000/- to Wave

…

**Reasoning:** The Tribunal considered the agreements, undertakings, dishonored cheques, and subsequent

…

**Interpretation:** The contractual liability is clear and unequivocal, based on the Demerger

…

**Application:** The Tribunal applied the terms of the Demerger Agreement and the evidence

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Sahil Garg…; Radhey Shya…
- **Respondents:** Wave Global…; Axis Tutorials…; +2 more
- **Advocates:** Varun…; Anuj Pa…

## Timeline

- **2017-12-29 — Share Purchase…**: Share Purchase Agreement signed…
- **2018-02-28 — Addendum Ag…**: Addendum Agreement signed between…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(d) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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