News on Medial

NCLT questions Byju’s RP over CoC reconstitution and governance issues amid insolvency

Economic Times · 11d

The National Company Law Tribunal (NCLT) questioned Byju's insolvency resolution professional (RP) regarding the reconstitution of its committee of creditors (CoC) and the board meeting of subsidiary Aakash Institute. The RP was asked about the removal of Glas Trust and Aditya Birla from the CoC, with objections raised by the bench. The RP argued that the CoC was formed on a provisional basis and that verification had not been done. Further queries were raised about the RP's authority to reconstitute the CoC based on pending matters. The NCLT also sought clarification on representation of Think & Learn at the Aakash Institute board meeting, where Byju Raveendran attended via video call. The bench expressed concern about the RP's functioning and the delay in obtaining meeting minutes. The NCLT had previously refrained Aakash Institute from amending its articles of association.