The Supreme Court had on October 23 last year allowed an appeal filed by US-based financial creditor Glas Trust challenging the NCLAT decision to halt insolvency proceedings initiated against Think & Learn, the parent company of Byju’s.
The judgment set aside the NCLAT order which accepted a settlement between Byju Raveendran and the BCCI, on whose plea the NCLT Bengaluru in July had admitted Byju’s to the insolvency process. By its October order, the apex court remitted the matter back to NCLT to consider the application for settlement afresh.
Subsequently, Glas Trust and Aditya Birla Finance moved applications before the NCLT contending that the RP had recognised only one financial creditor, resulting in a CoC composed of a single…
