NCLT reappoints Glas Trust, Aditya Birla Finance as financial creditors of Byju's
National Company Law Tribunal (NCLT) on Wednesday, inducted Glas Trust and Aditya Birla Finance, financial creditors of edtech firm Byju’s to the committee of creditors (CoC) and allowed the reconstitution of CoC.
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The order came on a petition filed by Glas Trust and Aditya Birla to be included in the committee of creditors (CoC) of Byju’s parent Think & Learn. On January 8, the Bengaluru bench of the tribunal had reserved the order.
“The reconstitution of the Committee of Creditors carried out by the Interim Resolution Professional on 31st August 2024 is hereby set aside. The Committee of Creditors constituted on 21st August 2024 is upheld and shall remain in effect,” said the order.
Glas Trust and Aditya Birla Finance were initially part of the CoC on August 21, but were removed from the list when the company’s insolvency resolution professional (RP), Pankaj Srivastava, reconstituted the committee.
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