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Informist, Friday, Feb. 7, 2025

--NCLAT to NCLT: Decide BCCI IBC withdrawal plea vs BYJU's parent co in 1 wk 

--NCLAT refuses to stay meeting of BYJU's parent co's committee of creditors 

--CONTEXT: NCLAT order on BYJU's parent co suspended director's plea 

NEW DELHI – The National Company Law Appellate Tribunal on Friday asked the Bengaluru bench of the National Company Law Tribunal to decide the Board of Control for Cricket in India's application to withdraw insolvency proceedings against debt-ridden Think & Learn Pvt. Ltd., parent of online educational services company BYJU'S, quickly and preferably in one week. However, the appellate tribunal refused to stay the committee of creditors meeting of Think & Learn, which is scheduled on Saturday.

Think & Learn's suspended director, Riju Ravindran, moved the appellate tribunal on Wednesday contesting the Bengaluru bench of the National Company Law Tribunal's decision against issuing an order on the Board of Control for Cricket in India's application to withdraw insolvency proceedings against the debt-ridden company.

On Jan. 29, the Bengaluru tribunal had restored Think & Learn's US lender GLAS Trust Co. LLC. and Aditya Birla Finance Ltd. to the committee of creditors of the debt-ridden company. However, the Bengaluru tribunal had not pronounced any order on the cricketing board's application to withdraw its insolvency petition against Think & Learn.

Ravindran said the Bengaluru tribunal had reserved its order on all applications of the cricketing board, GLAS Trust and Aditya Birla Finance. However, the Bengaluru tribunal did not pronounce the order on the cricketing board's plea, said Ravindran. If the cricketing board's application for withdrawing the insolvency petition was allowed by the Bengaluru tribunal, then GLAS Trust and Aditya Birla Finance's application had become infructuous, said Ravindran, adding that Think & Learn would have come out of insolvency.

On Aug. 2, the National Company Law Appellate Tribunal had set aside the order of the Bengaluru bench of the National Company Law Tribunal passed in July to start insolvency proceedings against Think & Learn. The appellate tribunal had passed the order after it was informed that Think & Learn and its operational creditor, the Board of Control for Cricket in India, had arrived at a settlement in the insolvency case. However, after various oppositions from GLAS Trust and Aditya Birla Finance, the Supreme Court rejected the appellate tribunal's order and restored the insolvency proceedings against Think & Learn, to be heard by the Bengaluru tribunal.

Thereafter, the Board of Control for Cricket in India filed an application seeking withdrawal of its insolvency proceedings against Think & Learn. The company's US lender GLAS Trust had challenged its removal from Think & Learn's committee of creditors and sought the removal of resolution professional Pankaj Srivastava. Aditya Birla Finance accused the resolution professional of fraud in the insolvency process of Think & Learn by classifying it as an operational creditor and not a financial creditor. Aditya Birla Finance was a creditor to Think and Learn.  End

Reported by Surya Tripathi

Edited by Ashish Shirke

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