Insolvency Resolution
SC declines urgent stay on insolvency process against BYJU's parent company
This story was originally published at 13:27 IST on 29 May 2025
Register to read our real-time news.Informist, Thursday, May 29, 2025
NEW DELHI – The Supreme Court Thursday declined to urgently stay the corporate insolvency resolution process of Think & Learn Pvt. Ltd., the parent company of online educational services company BYJU's. Hearing a petition by the company's operational creditor Board of Control for Cricket in India and Co-founder of BYJU's Riju Raveendran, the apex court issued a notice to former and current resolution professionals of Think & Learn and the latter's creditors Aditya Birla Finance Ltd. and GLAS Trust Co. Ltd.
"We will fix the matter in July. What status quo? Let the proceedings (NCLT) be continued," said the top court, listing the matter for hearing on Jul. 21. The prayer for interim relief will be considered on the next date of hearing, the apex court added.
The cricket board has sought withdrawal of insolvency proceedings against Think & Learn. However, both the National Company Law Appellate Tribunal and the Bengaluru bench of the National Company Law Tribunal directed the resolution professional to present the withdrawal application before the committee of creditors of the financially distressed company.
The appellate tribunal has erred in not appreciating the uncontested fact that the settlement culminated prior to the constitution of the committee of creditors of Think & Learn, said the board. The appellate tribunal has failed to appreciate that the Bengaluru tribunal could not have shifted the responsibility of adjudicating the withdrawal application to the committee of creditors, said the board.
GLAS Trust currently holds a dominant position in the committee of creditors of Think & Learn, controlling 99.41% of the voting rights. Other members of the panel include Aditya Birla Finance and InCred Financial Services Ltd. Riju Raveendran has expressed concern that the committee may reject a proposed settlement, given that GLAS Trust had previously opposed the agreement before both the appellate tribunal and the apex court last year.
On Aug. 2, the National Company Law Appellate Tribunal had overturned a July order by the Bengaluru bench of the National Company Law Tribunal, which had started insolvency proceedings against Think & Learn. The appellate tribunal's order was based on information that the company and its operational creditor, the cricket board, had reached a settlement. However, following objections raised by GLAS Trust and Aditya Birla Finance, the Supreme Court rejected the appellate tribunal's ruling and restored the insolvency proceedings against Think & Learn, to be heard by the Bengaluru tribunal.
Subsequently, the BCCI filed a fresh application to withdraw its insolvency plea against Think & Learn, but this was again rejected by both the Bengaluru tribunal and the appellate tribunal. End
Reported by Surya Tripathi
Edited by Subhojit Sarkar
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
