Case Details
Case Name: Phoenix ARC Pvt. Ltd. vs. Accelarating Education and Development Pvt. Ltd.
Court/Authority: National Company Law Tribunal (NCLT), Jaipur Bench
Case Number: MA (IBC) No. 13/JPR/2024 in CP No. (IB)-48/7/JPR/2022
Date of Order: May 20, 2026
Law Under Consideration: Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC)
Parties Involved
Petitioner/Financial Creditor: Phoenix ARC Pvt. Ltd.
Respondent/Corporate Debtor: Accelarating Education and Development Pvt. Ltd.
Coram: Hon'ble Ms. Reeta Kohli (Judicial Member) and Hon'ble Ms. Kavita Bhatnagar (Technical Member)
Representation: For the Petitioner - Samrat Nigam, Sr. Adv., Gaurika Sood, Adv., Arpita Rawat, Adv.
Issues / Allegations / Violations
The matter is an application filed under Section 7 of the IBC, 2016, by a financial creditor (Phoenix ARC) for the initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor (Accelarating Education and Development). The specific financial details of the default were not detailed in this procedural order.
Findings & Observations
The Tribunal noted the submission from both counsels that an appeal related to this matter is yet to be listed for hearing before the Hon'ble National Company Law Appellate Tribunal (NCLAT).
Final Ruling & Enforcement
The NCLT deemed it appropriate to adjourn the company petition (CP) sine die (indefinitely). Liberty has been granted to the counsel to get the petition re-listed for hearing after a decision is rendered in the pending appeal by the Hon'ble NCLAT.
The order was signed by Technical Member, Kavita Bhatnagar.