The Supreme Court refused to interfere with the NCLAT Chennai order restoring the original Committee of Creditors in Think & Learn Pvt Ltd’s insolvency process, including Aditya Birla and Glas Trust Company LLC as financial creditors.
The Supreme Court on May 4 refused to interfere with the National Company Law Appellate Tribunal’s (NCLAT) order in the insolvency case involving Think & Learn Pvt Ltd, the company behind Byju’s.
Byju Raveendran had challenged the NCLAT order before the Supreme Court. Earlier, the NCLAT restored the original Committee of Creditors (CoC), which included Aditya Birla and Glas Trust Company LLC as financial creditors.
A Bench of Justice JB Pardiwala and Justice Vijay Bishnoi dismissed the appeal. The Court also directed the interim resolution professional (IRP) to continue the insolvency process quickly and according to law.
Supreme Court Refuses To Interfere
While dismissing the appeal, Justice JB Pardiwala said the dispute had continued for too long. He added that the Court found no reason to interfere with the NCLAT order.
“In this matter, we will not interfere. This litigation has already gone too far. Perfect order, we will not interfere,” Justice Pardiwala said.
BCCI Started Insolvency Proceedings
The dispute started after the Board of Control for Cricket in India (BCCI) filed insolvency proceedings against Think & Learn Pvt Ltd.
Pankaj Srivastava became the insolvency professional in the case. On August 21, 2024, he formed the Committee of Creditors. The CoC included Glas Trust Company LLC, Aditya Birla, Incred Financial Services Ltd, and ICICI Bank Ltd.
IRP Changed The Committee Of Creditors
Later, the IRP changed the CoC and removed two major financial creditors — Aditya Birla and Glas Trust.
At that time, Glas Trust held a 99.41% voting share in the CoC, while Aditya Birla held 0.41%. However, after the reconstitution on August 31, 2024, Incred Financial Services Ltd became the only financial creditor in the CoC with a 100% voting share. Earlier, it held only a 0.18% share.
NCLT Restored Original CoC
The parties challenged the reconstitution of the CoC before the National Company Law Tribunal (NCLT), Bengaluru.
The NCLT restored the original CoC. It included Glas Trust Company LLC, Aditya Birla, Incred Financial Services Ltd, and ICICI Bank Ltd.
NCLAT Upheld NCLT Order
Byju Raveendran, suspended director and promoter of Think & Learn Pvt Ltd, later challenged the NCLT order before the NCLAT.
However, on August 12, 2025, the NCLAT refused to interfere. The appellate tribunal said the resolution professional does not have adjudicatory powers. It also said that once the CoC is formed, the IRP cannot change it.
