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Informist, Friday, Nov. 28, 2025

 

NEW DELHI – The Supreme Court Friday upheld an order by the National Company Law Appellate Tribunal passed in April that held debt-ridden Think & Learn Pvt. Ltd's committee of creditors's approval was mandatory for withdrawal of the Board of Control for Cricket in India's insolvency plea against the corporate debtor. The apex court dismissed a plea by Byju Raveendran, the suspended director of Think & Learn, the parent company of online educational services company BYJU's.

 

In July, the top court had dismissed the petitions by BYJU's co-founder Riju Ravindran and the cricket board against the appellate tribunal order. The cricket board has sought withdrawal of insolvency proceedings against Think & Learn. Brothers Byju and Riju Ravindran supported the cricket board and sought approval of a settlement between BCCI and Think & Learn. 

 

The present case is a classic example of how the Insolvency and Bankruptcy Code, 2016 is allowed to be abused by engaging in colossal fraud and misrepresentation, said Byju Raveendran. By filing a false claim form, GLAS Trust Co. LLC claimed that it had the authority to represent certain lenders under a credit and guaranty agreement wherein Think& Learn was a guarantor, he said. In particular, GLAS Trust suppressed that most of the lenders it claimed to represent under the agreement stood disqualified, he added.

 

The appellate tribunal had erred in not appreciating the uncontested fact that the settlement culminated prior to the constitution of the committee of creditors of Think & Learn, said petitioners. The appellate tribunal had failed to appreciate that the Bengaluru bench of the National Company Law Tribunal could not have shifted the responsibility of adjudicating the withdrawal application to the committee of creditors, the petitioners added.

 

GLAS Trust Co. 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 Ltd. and InCred Financial Services Ltd. Brothers Byju and Riju Ravindran have 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 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 BCCI had reached a settlement. However, following objections raised by GLAS Trust and Aditya Birla Finance, the Supreme Court in October 2024 rejected the appellate tribunal's ruling and restored the insolvency proceedings against Think & Learn. The matter is currently being 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 bench and the appellate tribunal.  End

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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