Think & Learn, the parent company of the edtech brand Byju's, has taken legal action by moving the National Company Law Appellate Tribunal (NCLAT) against a National Company Law Tribunal (NCLT) order. This NCLT order had previously denied Byju's request to prevent Aakash Educational Services Ltd (AESL) from convening an Extraordinary General Meeting (EGM) for a crucial rights issue. Specifically, on October 17, 2025, the Bengaluru-based NCLT bench declined to grant any interim relief on a plea filed by the insolvency-bound edtech firm, seeking to halt the EGM scheduled for October 29, 2025.

Simultaneously, a two-member bench of the NCLAT in Chennai, comprising Justice N Seshasayee and Jatindranath Swain, reserved its order regarding an application from GLAS Trust Company LLC. GLAS Trust, a US-based lender to the debt-ridden Byju's, holds over 90 percent of the voting rights within Byju's Committee of Creditors. The trust had previously filed an application with the appellate tribunal against an earlier NCLT order, where the NCLAT had also refrained from issuing a stay order.

During the proceedings, Senior Advocate CA Sundaram, representing Think & Learn Pvt Ltd (TLPL), which owns approximately 25 percent of the stake in AESL, sought a stay. He argued that a stay was essential to protect the interests of TLPL, as the proposed rights issue would lead to a significant dilution of the insolvency-bound edtech firm's stake, reducing it from 25 percent to less than 5 percent. Byju's petition explicitly stated that the EGM was in gross violation of AESL's Articles of Association and disregarded an NCLT order passed on November 19, 2024, which protected Think & Learn's participating and veto rights.

Conversely, Senior advocate Gopal Subaramanium, appearing for the respondents, clarified that the meeting on October 29 was solely for the resolution of AESL shareholders, after which a letter of offer would be sent to all shareholders to subscribe. He emphasized AESL's desperate need for funds, citing its responsibility for 350,000 students and 10,000 employees, whose expenses must be met. Furthermore, it was highlighted that AESL is not involved in the insolvency proceedings against Byju’s, with Byju's merely holding a shareholding in AESL. Senior advocate Abhinav Vashisht represented the Resolution Professional of TLPL, given that BYJU’s is currently undergoing the Corporate Insolvency Resolution Process.