Byju's CoC Appoints Shailendra Ajmera As New RP At NCLT’s Order

Byju's CoC Appoints Shailendra Ajmera As New RP At NCLT’s Order

The tribunal had observed lapses in the conduct of the former RP, seeking disciplinary action against him

Glas Trust, which represents Byju's US lenders, has told the Bengaluru bench of the National Company Law Tribunal (NCLT) that the beleaguered ed-tech firm’s parent company Think & Learn's Committee of Creditors (CoC) has passed a resolution to replace Pankaj Srivastava, the resolution professional (RP) by appointing Shailendra Ajmera.

The move follows the tribunal directing the CoC to suggest the appointment of a new RP. It had noted the lapses in Srivastava’s conduct and sought disciplinary action against him.

Srinivasa Raghavan, the senior counsel representing Glas Trust stated, “We have filed an application, pursuant to the direction. The CoC meeting has been held, and we voted to replace the RP with a fresh RP. The application has been submitted to confirm the appointment.”

On 29 January, the tribunal inducted Glas Trust and Aditya Birla Finance to the CoC by setting aside the reconstitution of a panel carried out by Srivastava on 31 August. Both the financial creditors had raised concerns about the RP's conduct at the CoC meetings.

Meanwhile, the counsel representing Think & Learn requested the NCLT to revoke or annul prior orders in the case, citing them as fraud. He questioned, "The party has the right to be represented. Can these proceedings continue without the corporate debtor?"

However, the bench declined to hear Think & Learn and proceeded with the other applications.

On 10 February, the tribunal had directed the RP to submit the Board of Control for Cricket in India’s (BCCI’s) application seeking to withdraw its insolvency petition against the company to the ed-tech firm's CoC.