Informist, Wednesday, Sep 11, 2024

NEW DELHI – The Bengaluru bench of the National Company Law Tribunal today issued a notice to the interim resolution professional of Think & Learn Pvt Ltd, the parent of the online educational services company Byju's, on a petition by Aditya Birla Finance Ltd against classifying it as an operational creditor.

Aditya Birla Finance accused the interim resolution professional of playing 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, which owes 1.39 bln rupees, Aditya Birla Finance's Advocate Uday Holla said.

"The IRP (interim resolution professional) issues a notice in the CoC (committee of creditors) meeting and thereafter, 15 days later, IRP said we are not a financial creditor, but an operational creditor. This is absolute fraud played by the IRP," Holla said.

The tribunal will next hear the case on Sep 24.

The National Company Law Appellate Tribunal on Aug 2 set aside an order passed by the Bengaluru bench of the tribunal in July to start insolvency proceedings against Think & Learn. The appellate tribunal passed the order after being informed that Think & Learn and the Board of Control for Cricket in India had arrived at a settlement. However, GLAS Trust, Think & Learn's US lender, contested the payment by the debt-ridden company and moved the Supreme Court.

The apex court on Aug 14 stayed the appellate tribunal's order approving the settlement between Think & Learn and the cricket board and issued notices to Think & Learn, its co-founder Byju Raveendran and the board on the plea by GLAS Trust opposing the settlement.

The Supreme Court on Aug 22 refused to stay meetings of the committee of creditors of Think & Learn and said it would first hear the case on merit. Today, the Supreme Court said that it will hear the case on Sep 17.

GLAS Trust had also moved the tribunal against the interim resolution professional's move to remove them from the committee of creditors. The tribunal is yet to decide on GLAS Trust's plea as parallel proceedings are pending in the apex court. End

Reported by Surya Tripathi

Edited by Saji George Titus

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