The National Company Law Tribunal (NCLT) has taken a decisive step in the ongoing insolvency proceedings against Byju’s parent company, Think & Learn Pvt. Ltd., by directing the Committee of Creditors (CoC) to recommend a new Resolution Professional (RP). This follows the tribunal’s findings of lapses in the conduct of the existing RP, Pankaj Srivastava, leading to the initiation of disciplinary proceedings against him. In compliance with the NCLT’s directive, the CoC convened a meeting and resolved to replace Srivastava with Shailendra Ajmera as the new RP. This decision was formally submitted before the tribunal by Glas Trust, representing Byju’s US lenders.
Senior Advocate Srinivasa Raghavan, appearing for Glas Trust, informed the NCLT that the CoC had voted to replace the RP and had filed an application for confirmation of the appointment. The move follows the NCLT’s earlier order on January 29, which inducted Glas Trust and Aditya Birla Finance into the CoC while setting aside the prior reconstitution of the CoC carried out by Srivastava on August 31. Both financial creditors had raised concerns over the RP’s handling of CoC meetings, prompting judicial intervention.
In a separate development, Think & Learn’s counsel sought to have all prior orders in the case annulled, alleging fraud and arguing that the proceedings could not continue without proper representation of the corporate debtor. However, the Bengaluru bench of the NCLT declined to entertain this plea and proceeded with the other pending applications. Meanwhile, the tribunal, in its February 10 order, directed the RP to present the application filed by the Board of Control for Cricket in India (BCCI) seeking the withdrawal of its insolvency petition against Byju’s to the CoC for consideration.
The developments highlight the NCLT’s firm stance on ensuring transparency and accountability in the Corporate Insolvency Resolution Process (CIRP). The replacement of the RP is a significant step aimed at restoring confidence in the insolvency proceedings and safeguarding the interests of creditors. The tribunal's decision to allow the CoC to deliberate on the BCCI’s withdrawal request further reinforces the primacy of creditor decision-making in insolvency resolution.
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