Byju's insolvency: Aditya Birla Finance, Glas Trust move NCLT to replace resolution professional

Aditya Birla Finance and Glas Trust have filed applications before the NCLT, Bengaluru, to replace the Resolution Professional (RP) of Byju’s parent company, Think and Learn. The RP had classified only one creditor as a financial creditor, giving it 100% voting rights in the Committee of Creditors (CoC). This led to the disqualification of Glas Trust and Aditya Birla Finance, who were classified as operational creditors. The Karnataka High Court had earlier stayed the CoC meetings. The Supreme Court allowed Glas Trust’s appeal against the NCLAT decision to halt insolvency proceedings initiated by the BCCI. The NCLT will decide the next steps in the insolvency case. Senior Advocates Uday Holla and Promod Nair represented Glas Trust and Aditya Birla Finance, respectively. The case highlights the complexities in creditor classification and the significant influence of the CoC in insolvency proceedings.