Byju’s moves NCLAT on Aakash EGM for rights issue

Think & Learn, which owns edtech brand Byju’s, on Monday moved the National Company Law Appellate Tribunal against the NCLT order, which last week declined its plea to restrain Aakash Educational Services from convening its EGM for the rights issue.

Illustration: Dado Ruvic/Reuters

On October 17, 2025, the Bengaluru-based bench of the National Company Law Tribunal (NCLT) declined to grant any interim relief on the second plea filed by the insolvency-bound edtech firm Byju’s to stay the extraordinary general meeting (EGM) scheduled for October 29, 2025.

Meanwhile, a two-member bench of the National Company Law Appellate Tribunal (NCLAT) at Chennai, comprising Justice N Seshasayee and Jatindranath Swain, on Monday reserved its order on an application filed by the GLAS Trust Company LLC, the US-based lender of the debt-ridden firm Byju’s, regarding the EGM.

GLAS Trust, which owns over 90 per cent of the voting rights in the Committee of Creditors of Byju’s, had earlier filed an application before the appellate tribunal against the previous NCLT order, where the NCLAT had declined to pass a stay order.

During the proceedings, Senior Advocate CA Sundaram, appearing for petitioners, sought a stay to protect the interest of Think & Learn Pvt Ltd (TLPL), which owns around 25 per cent of the stake in Aakash Educational Services Ltd (AESL), and said that after the right issue, the stake of the insolvency-bound edtech firm will be diluted.

Senior advocate Gopal Subaramanium, appearing for respondents, said the meeting on October 29 is only for the resolution of the shareholders of AESL, after which a letter of offer has to be sent out to all shareholders to subscribe.

It was also submitted that AESL desperately needs funds, as it has 3.5 lakh students and 10,000 employees and has to meet those expenses.

Moreover, AESL is not a part of insolvency proceedings going against Byju’s, which has only a shareholding in this.

Senior advocate Abhinav Vashisht was representing the Resolution Professional of TLPL.

Byju’s had requested the proposed EGM to keep it on hold as the rights issue will reduce its shareholding in Aaskash from 25 per cent to less than 5 per cent.

In its petition, Byju’s has submitted that EGM is in gross violation of the Articles of Association.

It is against the order passed by NCLT on November 19, 2024, as it ignores the participating/veto rights of Think & Learn.

BYJU’s is currently going through the Corporate Insolvency Resolution Process.