This comes after Think & Learn’s committee of creditors (CoC) passed a resolution to replace Pankaj Srivastava and appoint Ajmera as the new RP.
Amid the cacophony at the tribunal, the bench said, “We are allowing the petition of IA 178 (replacement of IRP).” However, the written order is yet to come out.
Earlier the tribunal directed the CoC to submit its recommendation on the appointment of a new PR after NCLT found lapses in the conduct of RP Pankaj Srivastava and had called for initiation of disciplinary proceedings against him.
On January 29, the NCLT inducted Glas Trust and Aditya Birla Finance onto the CoC by setting aside the reconstitution of a panel carried out by Srivastava on August 31. Glas Trust and Aditya Birla Finance were initially part of the CoC of Think & Learn formed on August 21, but were removed from the list when Srivastava, reconstituted the committee.
Both the financial creditors had raised concerns about the RP’s conduct concerning holding CoC meetings.
Discover the stories of your interest
The CoC will now look at the Board of Control for Cricket in India’s (BCCI) withdrawal application after the NCLT on February 10 asked the CoC to decide on the application.Byju’s suspended director Riju Ravindran moved the National Company Law Appellate Tribunal (NCLAT) to block the CoC from taking up the Indian cricket body’s application for withdrawing its insolvency petition. However, the appellate tribunal did not grant any interim relief to Ravindran.
Byju’s insolvency proceedings began last year after the BCCI moved the NCLT to recover the Rs 158 crore that it was owed by the company for a sponsorship deal. The two parties later decided to settle after Ravindran agreed to pay the money to the BCCI.
Glas Trust had approached the Supreme Court against the settlement. In October, the top court quashed an earlier NCLAT ruling approving the settlement. Following this, both parties moved the NCLT for fresh proceedings.
