The educational system across the world has immensely been affected due to outbreak of COVID-19; it forced the shut down of educational institutions, which adversely affected student fraternity across the globe. Due to its contagious nature, COVID-19 demanded containment and enforced isolation that tremendously affected personal interaction of teachers and students. In the absence of traditional classroom teaching and one-to-one interaction, computer-based learning has emerged as closest substitute for off-line teaching. Against such a backdrop, it is pertinent to examine the students’ perception and readiness about online-learning system adopted at the university level during the ongoing COVID-19 pandemic. For the present study, the quantitative approach has been adopted and responses from 184 university students of National Capital Territory (NCT) of Delhi, India namely Delhi University, Jamia Millia Islamia (Central University) and Guru Gobind Singh Indraprastha University are collected through online questionnaire. This research study was conducted during June–August 2020. The findings of the study reveal students’ positive perception towards e-learning and thus acceptance of this new learning system. It has also empirically demonstrated the significance of e-learning in the time of COVID-19 crisis. In fact, e-learning has emerged as a new way of enhancing the learning process where social media may further improve the learning output. The findings of the study will facilitate educational institutions and policy makers to take this online-learning process to the next level in a better way.