Glas Trust has also sought an interim stay on the resolutions passed at an extraordinary general meeting (EGM) of Aakash held in November to amend its articles of association (AoA), but the NCLAT on Tuesday refused and will now hear the matter on March 17.
On November 20, the National Company Law Tribunal (NCLT) refrained Aakash from amending its AoA on a petition filed by private equity firm Blackstone, a minority shareholder, alleging that the amendment was aimed at removing its rights and confer special rights on Ranjan Pai’s Manipal Education & Medical Group, which is the largest shareholder with a 40% stake.
However, Blackstone withdrew its petition before the NCLT on February 26, despite the case having reached its final stages with all parties having concluded their arguments.
The counsel representing Glas Trust told the NCLAT that even though Blackstone has withdrawn the petition, its appeal is still pending with no interim orders issued, and therefore it cannot be dismissed without a proper hearing.
“Because of the withdrawal of the company petition, the stay goes. I am pressing for a hearing and a consideration of my interim relief. That’s all,” said the counsel representing Glas Trust.
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Glas Trust had earlier requested the tribunal to stay Blackstone’s application to withdraw the case at the NCLT, in order to protect the rights of the committee of creditors of Think & Learn. However, it had refused to grant any stay.The lenders argued the board meeting of Aakash as well as the resolutions passed at the EGM to be invalid because Think & Learn’s promoter attended the board meeting, not the resolution professional who should have represented the company as it was under the corporate insolvency resolution process.
While Aakash is profitable, Think & Learn is currently undergoing insolvency proceedings.
The petition is filed against Aakash and former resolution professional of Think & Learn Pankaj Srivastava, who was replaced by Shailendra Ajmera after the NCLT found alleged lapses in Srivastava’s conduct.
Separately, the NCLAT bench refused to hear the matter between Byju’s founder Byju Raveendran and its creditors due to an error in the application filed by the edtech firm’s counsel. Earlier Raveendran had called for a “thorough investigation” into alleged collusion and fraud by Glas Trust, consultancy firm EY and its former resolution professional.