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NCLT Stays Byju's Bidding Process Until Next Hearing
24 Jul 2026
NCLT Stays Byju's Bidding Process Until Next Hearing
What happened
- NCLT has directed the resolution professional of Think & Learn not to proceed with the Form G bidding process until the next hearing.
- Think & Learn, which owns edutech brand Byju's, is the company under insolvency.
- GLAS Trust Company LLC is the US agent for lenders to a $1.2-billion term loan taken by a group entity.
- GLAS Trust Company LLC's admitted claim gives it more than 99% of the voting power on the committee of creditors.
- Founders Byju Raveendran and Riju Ravindran filed an application challenging the claim quantum.
- The NCLT bench stated: 'Until 31st August, you (resolution professional) should not go on with the Form G.'
Numbers
- GLAS Trust Company LLC has an admitted claim of about Rs 11,433 crore.
- GLAS Trust Company LLC holds more than 99% of the voting power on the committee of creditors.
- Think & Learn took a $1.2-billion term loan through a group entity.
Why founders should care
- The stay may indicate procedural challenges startups in insolvency should anticipate when navigating creditor claims.
- The high concentration of voting power with a single creditor could signal risks in similar debt structuring situations.
- This case suggests founders should closely monitor claim quantum disputes that could delay resolution processes.