Educomp Solutions Limited has notified stock exchanges about a crucial change in its Corporate Insolvency Resolution Process (CIRP) leadership. The National Company Law Tribunal (NCLT) has ordered the replacement of the current Resolution Professional, marking a significant development in the company's ongoing insolvency proceedings.

NCLT Orders Resolution Professional Replacement

The NCLT on April 8, 2026, issued an order replacing the current Caretaker Resolution Professional Mr. Mahender Kumar Khandelwal with Mr. Kamal Kumar Jadwani as the new Resolution Professional. This appointment comes with the responsibility to conduct the further CIRP process for the company.

Regulatory Compliance and Communication

The company has communicated this development to both major stock exchanges through formal intimation dated April 10, 2026. This notification was made pursuant to Regulation 30 of the SEBI (Listing and Disclosure Requirements) Regulation, 2015, ensuring compliance with disclosure requirements.

The communication references earlier correspondences dated March 18, 2026 and March 23, 2026, indicating ongoing developments in the company's insolvency proceedings. The company has stated that it is awaiting the formal copy of the NCLT order and will share it separately once received.

Authority and Responsibilities

With this appointment, Mr. Kamal Kumar Jadwani will assume complete responsibility for all affairs of Educomp Solutions Limited. This comprehensive authority comes due to the absence of any Board in the IBC (Insolvency and Bankruptcy Code) Company, making the Resolution Professional the sole decision-making authority during the CIRP process.

The change in Resolution Professional represents a procedural step in the company's insolvency resolution process, with the new appointee expected to continue the CIRP proceedings from where they currently stand.

Educomp Solutions Limited has informed stock exchanges about significant developments in its insolvency proceedings, following an NCLT hearing that resulted in directions for a fresh Corporate Insolvency Resolution Process (CIRP) to be concluded within a strict timeline. The company has now submitted the complete NCLT order dated March 13, 2026 to BSE Limited and National Stock Exchange of India Limited.

NCLT Directives and Timeline

The National Company Law Tribunal New Delhi Bench has issued comprehensive directions regarding Educomp Solutions' insolvency resolution process. The tribunal, comprising Hon'ble Member (J) Sh. Ashok Kumar Bhardwaj and Hon'ble Member (T) Ms. Reena Sinha Puri, conducted the hearing through hybrid mode on March 13, 2026.

IBBI Investigation and Legal Framework

The tribunal has directed the Insolvency and Bankruptcy Board of India (IBBI) to initiate an investigation into the Special Resolution Administrator's (SRA) failure to implement the approved Resolution Plan. The NCLT specified that upon completion of the investigation, if offences are established, IBBI shall file a complaint under Section 236 of the Insolvency and Bankruptcy Code, 2016.

The tribunal emphasized that Section 74(3) of the IBC, 2016 provides punishment for contravention of resolution plans, stating that any person knowingly and wilfully contravening terms of an approved resolution plan shall be punishable with imprisonment of not less than one year, which may extend to five years, or with fine ranging from one lakh rupees to one crore rupees, or both.

Fresh CIRP Process Authorization

In application IA-5939/ND/2025, the tribunal noted that a consortium of lenders holding 63% voting share has resolved that the matter be remitted back to the Resolution Professional/Committee of Creditors (CoC) to initiate a fresh process for inviting resolution plans. The tribunal stated that while liquidation would normally follow non-implementation of a resolution plan, the fresh process could maximize the value of the Corporate Debtor.

Comprehensive Application Disposal

The NCLT hearing addressed multiple pending applications and petitions related to the insolvency proceedings. The tribunal disposed of several contempt petitions, implementation applications, and promoter-related matters:

Contempt Proceedings Disposed:

• Contempt Petition 55/2023 filed by the ERP regarding wilful disobedience of orders by the SRA
• Contempt Petition 11/ND/2025 filed by IDBI Bank seeking contempt proceedings against the SRA

Implementation Applications Disposed:

• IA/57/2023 filed by SBI under Regulation 39(9) for implementation of the approved Resolution Plan
• IA-1766/ND/2025 filed by the ERP seeking directions for execution of Resolution Plan approval dated 09.10.2023

Promoter Applications: The tribunal disposed of IA-2952/ND/2024 and connected IA-5266/ND/2025 filed by Mr. Shantanu Prakash, ex-promoter, seeking de-freezing of his shareholding, with liberty to make appropriate representation before the Resolution Professional.

Regulatory Compliance and Documentation

Mahender Kumar Khandelwal, Caretaker Resolution Professional (Registration no. IBBI/IPA-001/IP-P00033/2016-17/10086), submitted the complete NCLT order to stock exchanges on March 23, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order, now uploaded on the NCLT website, provides comprehensive details of all tribunal directions and legal proceedings.