The National Company Law Appellate Tribunal at Chennai has rejected a plea by GLAS Trust Company LLC, the U.S.-based lender representing the creditors of crisis hit ed-tech Byju’s, to stay the Extraordinary General Meeting (EGM) of Aakash Educational Services Ltd (AESL) scheduled for October 29, 2025.
The EGM aims to approve a rights issue that would dilute Byju’s 25.75% stake in AESL to approximately 5%, as the company, currently under insolvency proceedings, cannot participate in the issuance of new shares.
A two-member bench comprising Justice N. Seshasayee and Technical Member Jatindranath Swain heard arguments from GLAS Trust, Aakash, and the Resolution Professional (RP) overseeing Think & Learn Pvt Ltd (TLPL), the parent…