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The NCLT has deferred the matter between Glas Trust and the IRP for Byju’s parent company, Think & Learn Pvt Ltd.
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The NCLT cannot stop the committee of creditors (CoC) proceedings as the Supreme Court allowed its constitution.
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Glas Trust has challenged its removal from the CoC and is seeking the removal of the IRP.
The Bengaluru bench of the National Company Law Tribunal (NCLT) has deferred the matter between Glas Trust, representing Byju’s US lenders, and the Insolvency Resolution Professional (IRP) for Byju’s parent company. The NCLT stated that it cannot stop the committee of creditors (CoC) proceedings as the Supreme Court allowed its constitution.
Glas Trust has challenged its removal from the CoC and is seeking the removal of the IRP, Pankaj Srivastava. The IRP had removed Glas Trust from the committee after concluding that it does not represent the minimum 51% of lenders in the consortium.
The NCLT has deferred the matter to September 11, allowing time for the Supreme Court to hear the matter if necessary. The Supreme Court is also hearing an appeal by Glas Trust, opposing a Rs 158-crore settlement between Byju’s and the BCCI.
