Parmjit Gandhi completes acquisition of Educomp subsidiary

The acquisition of Educomp Infrastructure & School Management Limited, a subsidiary of Educomp Solutions, has been completed by successful resolution applicant Parmjit Gandhi, the company said in an exchange filing recently

“You are hereby informed that the takeover of EISML by Mr. Parmjit Gandhi, through his entity Jasrati Education Service Pvt Ltd has now been successfully completed and the Resolution Plan stands implemented,” Educomp Solutions said in the exchange filing.

Parmjit Gandhi, whose resolution plan was first approved by the committee of Creditors with a vote share of 100% and then by the NCLT in December 202, offered to pay Rs 501 crore to creditors against total admitted claims of Rs 910 crore. The resolution plan submitted by Parmjit Gandhi provided for Rs 499.88 crore to financial creditors against their total admitted claims of Rs 905 crore.

The resolution plan provided Rs 1 crore to operational creditors against their submitted claims of Rs 4.96 crore.

Who is Parmjit Gandhi?

Parmjit Gandhi is a New Delhi-based businessman with businesses across a multiple sectors including metals, auto components, real estate, etc.

About Educomp Infrastructure & School Management

Educomp Infrastructure & School Management initiated the insolvency proceedings against itself under Section 10 of IBC in April 2018 after it defaulted on a payment of Rs 788 crore to seven banks including SBI, Andhra Bank, PNB, Yes Bank, Axis Bank, Bank of India and others.

Educomp Infrastructure and School Management Limited (EISML) provides educational infrastructure and school management services to schools across India. The company was founded in 2006 and is based in New Delhi.

EISML provides a range of services to schools, including school design and construction, school maintenance and upkeep, transport services for students, security and safety services, and curriculum development and teacher training. The company also provides technology-based solutions to schools, including digital classrooms and interactive learning systems.

EISML has worked with both government and private schools in India, and has a presence in over 150 cities in the country. The company’s aim is to provide high-quality educational infrastructure and management services to schools, in order to improve the quality of education in India.

EISML is a subsidiary of Educomp Solutions Limited, which is a leading education company in India.

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