In a recent ruling, the Supreme Court of India has dismissed appeals filed by US-based lender GLAS Trust Company LLC and the Insolvency Resolution Professional of Byju’s, upholding an NCLAT order that permitted Aakash Educational Services Ltd. to proceed with its proposed rights issue of equity shares.
The appeals challenged the NCLAT, Chennai Bench’s order dated October 28, 2025, which had dismissed GLAS Trust’s application for an injunction to restrain Aakash from convening an EGM to approve the rights issue and increase its authorised share capital. The application arose from the Corporate InsolvencyResolution Process (CIRP) of Think and Learn Pvt. Ltd. (Byju’s).
Counsel for GLAS Trust contended that the…