NCLT directs disciplinary proceedings against Byjus' resolution professional
The Hindu
NCLT orders inquiry against Byju's resolution professional, restores Aditya Birla Finance as financial creditor, nullifies CoC reconstitution.
The National Company Law Tribunal on Wednesday (January 29, 2025) ordered a disciplinary proceeding against Byjus' resolution professional and nixed his direction to exclude Glas Trust and Aditya Birla Finance from the edtech's Committee of Creditors.
Passing an order, the Bengaluru bench of the National Company Law Tribunal (NCLT) has directed the Insolvency & Bankruptcy Board of India (IBBI) to conduct an enquiry against Pankaj Srivastava, resolution professional of Think & Learn, which owns edtech firm Byju's.
A two-member bench in its order said his conduct "is not fit and proper as expected".
The conduct on the part of the IRP needs to be dealt with the way of disciplinary proceedings by the IBBI. Hence, the IBBI may conduct the necessary investigation in this matter, it said.
The tribunal also cancelled the reconstitution of the Committee of Creditors (COC) of Byju's, carried out by the Interim Resolution Professional on August 31, 2024, in which Srivastava had excluded Glas Trust and Aditya Birla Finance.
The NCLT has restored the previous CoC, constituted on August 21 last year, putting Aditya Birla Finance back as a financial creditor of Think & Learn.
It also set aside the resolution professional's direction, re-classifying Glas Trust and Aditya Birla Finance as operational creditors.
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NCLT orders inquiry against Byju's resolution professional, restores Aditya Birla Finance as financial creditor, nullifies CoC reconstitution.
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