Edtech major Byju’s finds itself in yet another legal tangle. After its insolvency proceedings were reinstated in October last year, a new twist emerged when Resolution Professional (RP) Pankaj Srivastava removed two key creditors—Aditya Birla Finance and U.S.-based Glas Trust Company LLC—from the Committee of Creditors (CoC).
The decision was swiftly challenged in the Supreme Court.
Now, in a significant ruling on January 29, the National Company Law Tribunal (NCLT) has not only reinstated both creditors in the CoC but also ordered disciplinary action against Srivastava, citing his overreach in excluding them. This means that Glas Trust—owed a staggering ₹11,000 crore—along with Aditya Birla Finance—owed ₹47 crore—will…
