NCLAT upholds restoring GLAS Trust, Aditya Birla Fin in BYJU's lenders panel
This story was originally published at 17:43 IST on 12 August 2025
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NEW DELHI – The National Company Law Appellate Tribunal on Tuesday upheld an order by the Bengaluru bench of the National Company Law Tribunal in January to restore Think & Learn Pvt. Ltd.'s lenders GLAS Trust Co. LLC. and Aditya Birla Finance Ltd. to the company's committee of creditors. The appellate tribunal rejected a plea by Byju Raveendran, the suspended director and promoter of Think and Learn, against the tribunal's order.
Think & Learn is the parent company of the online educational services company BYJU's.
GLAS Trust currently holds a dominant position in the committee of creditors of Think & Learn, controlling 99.41% of the voting rights, with INR 114.33 billion claims. Other members of the panel include InCred Financial Services and ICICI Bank.
"... it is not a case which requires any interference by this appellate tribunal to tinker with the well-considered order of the tribunal which has taken into consideration all aspects of the matter before disposing of the application," the appellate tribunal said. It dismissed Ravindran's appeal saying it did not find any merit in.
Raveendran had expressed concern that the committee of creditors may reject a proposed settlement with its operational creditor, the Board of Control for Cricket in India, given that GLAS Trust had previously opposed the agreement.
In July, the Supreme Court had dismissed a petition by the Board of Control for Cricket in India, which was seeking to withdraw its insolvency case against Think & Learn. The apex court had also dismissed a plea by BYJU's co-founder Riju Raveendran, who had supported the cricketing board and sought approval for the settlement.
The cricket board had sought the 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 had directed the resolution professional to present the withdrawal application before the committee of creditors of the debt-ridden company.
On Aug. 2 last year, the National Company Law Appellate Tribunal had overturned a July 2024 order by the Bengaluru bench of the National Company Law Tribunal, which had started insolvency proceedings against Think & Learn. The appellate tribunal had overturned the order based on information that the company and its operational creditor, the BCCI, had reached a settlement. However, following objections raised by GLAS Trust and Aditya Birla Finance, the Supreme Court in October rejected the appellate tribunal's ruling and restored the insolvency proceedings against Think & Learn.
The matter is currently being heard by the Bengaluru tribunal. End
Reported by Surya Tripathi
Edited by Saji George Titus
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