Byju’s moves NCLAT on Aakash EGM for rights issue

New Delhi: Think & Learn, owner of education technology brand Byju’s, on Monday moved the National Company Law Appellate Tribunal against last week’s NCLT order rejecting its plea to restrain Aakash Educational Services from convening the EGM on the rights issue.

On October 17, 2025, a Bengaluru-based National Company Law Tribunal (NCLT) bench refused to grant any interim relief on the second plea filed by bankruptcy-bound education technology firm Byju’s seeking postponement of its extraordinary general meeting (EGM) scheduled to be held on October 29, 2025.

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

GLAS Trust, which holds more than 90 per cent of Byju’s voting rights in the Committee of Creditors, had earlier approached the appellate court against the earlier NCLT order in which the NCLAT had refused to grant stay.

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During the hearing, Senior Advocate CA Sundaram, appearing for the petitioners, sought stay of execution to protect the interests of Think & Learn Pvt Ltd (TLPL), which holds around 25 per cent stake in Aakash Educational Services Ltd (AESL), and said that the shares of the bankrupt edtech firm will be diluted after the correct issuance.

Appearing before the participants, senior advocate Gopal Subaramanium said that the meeting on October 29 was only for the decision of AESL shareholders, after which an offer letter should be sent to all shareholders to subscribe.

It was also stated that since AESL has 350,000 students and 10,000 employees, it urgently needs funds and has to cover these expenses. Moreover, AESL is not part of the bankruptcy case filed against Byju, which only holds shares in this matter.

Senior lawyer Abhinav Vashisht represented TLPL Resolution Specialist.

Byju had requested that the proposed EGM remain on hold as the rights issue would reduce its stake in Aaskash from 25 percent to less than 5 percent.

Byju’s claimed in its petition that EGM had grossly violated the Articles of Association. It is against the order passed by the NCLT on November 19, 2024 for ignoring Think & Learn’s opt-in/veto rights.

BYJU is currently going through the Corporate Insolvency Resolution Process.