NCLT Accepts Shailendra Ajmera As Byju’s RP
Replaces Pankaj Shrivastava as the firm undergoes insolvency;
NCLT Accepts Shailendra Ajmera As Byju’s RP
Replaces Pankaj Shrivastava as the firm undergoes insolvency
A two-member Bengaluru bench of the National Company Law Tribunal (NCLT) has approved the appointment of Byju’s resolution professional (RP) Shailendra Ajmera.
Earlier, the tribunal directed the Insolvency & Bankruptcy Board of India (IBBI) to conduct an inquiry against Srivastava, the RP of Think & Learn, which owns the debt-ridden ed-tech firm Byju's.
It ordered disciplinary action against him and disallowed his direction to exclude Glas Trust and Aditya Birla Finance from the firm’s Committee of Creditors (CoC).
The NCLT restored the previous CoC constituted on 21 August 2024, putting Aditya Birla back as a financial creditor of Think & Learn. And set aside RP's direction of reclassifying Glas Trust and Aditya Birla Finance as operational creditors.
In July 2024, the Corporate Insolvency Resolution Process (CIRP) was initiated against Think & Learn.
However, the National Company Law Appellate Tribunal (NCLAT) set aside the order after Byju's promoter agreed to pay Rs.158 crore, unpaid for the sponsorship rights to the Board of Control for Cricket In India (BCCI).
Glas Trust, representing US-based lenders, challenged the order before the Supreme Court.
