The National Company Law Tribunal (NCLT) on Monday approved the appointment of Shailendra Ajmera as the resolution professional (RP) of debt-ridden edtech firm Byju’s, currently facing an insolvency process. A two-member Bengaluru-based bench of the NCLT approved the appointment of Ajmera, replacing Pankaj Shrivastava, as the interim resolution professional (IRP) of Byju’s.
The order was confirmed in the open court and a detailed order is awaited.
Earlier on January 29, the NCLT directed disciplinary proceedings against Shrivastava and nixed his direction to exclude Glas Trust and Aditya Birla Finance from the edtech’s Committee of Creditors.
The NCLT had directed the Insolvency & Bankruptcy Board of India (IBBI) to conduct an enquiry against Srivastava, resolution professional of Think & Learn, which owns edtech firm Byju’s.
The tribunal had also cancelled the reconstitution of the Committee of Creditors (COC) of Byju’s by the Interim Resolution Professional on August 31, 2024, in which Srivastava had excluded Glas Trust and Aditya Birla Finance.
It has restored the previous CoC, constituted on August 21 last year, putting Aditya Birla Finance back as a financial creditor of Think & Learn.
It also set aside RP’s direction of reclassifying Glas Trust and Aditya Birla Finance as operational creditors.
CIRP was initiated against Think & Learn on July 16, 2024, under the directions of the Bengaluru bench of the NCLT.
Later, the NCLAT set aside the insolvency after Byju’s promoter agreed to pay Rs 158 crore, unpaid by the edtech firm for the sponsorship rights to cricket body BCCI.
However, this was challenged by Glas Trust, which represents US-based lenders before the Supreme Court.>
