NCLAT gives go-ahead to Aakash EGM on rights issue

A two-member bench dismissed the interim application (IA) filed by Glas Trust, the largest lender of the insolvency-bound Think & Learn Pvt Ltd (TLPL), which owns edtech firm Byju's.

The insolvency appellate tribunal NCLAT on Tuesday gave a go-ahead to the EGM of Aakash Educational Services Ltd (AESL) for the rights issue of the company.

A two-member bench dismissed the interim application (IA) filed by Glas Trust, the largest lender of the insolvency-bound Think & Learn Pvt Ltd (TLPL), which owns edtech firm Byju’s. ”We do not find that IA… deserved to be allowed.

It is hence, dismissed,” NCLAT said. AESL is scheduled to have the Extraordinary General Meeting (EGM) scheduled for October 29, 2025, in which shareholders will vote on the rights issue to raise funds for the company. The Chennai bench of the appellate tribunal has passed the order in open court by a bench comprising Justice N Seshasayee and Jatindranath Swain.

A detailed order will be uploaded by the National Company Law Appellate Tribunal (NCLAT) shortly. Byju’s is going through the Corporate Insolvency Resolution Process. Glas Trust, which owns over 90 per cent voting rights in the Committee of Creditors of Byju’s, had filed an application before the appellate tribunal against an earlier order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT).

Moreover, in this matter TLPL has also moved NCLAT. It had filed an appeal against the NCLT order, which last week declined its plea to restrain Aakash Educational Services Ltd (AESL) from convening its EGM for the rights issue of the company. Glas Trust has contended that it sought a stay to protect the interest of TLPL, which owns around 25 per cent of the stake in AESL, and said after the rights issue, the stake of the insolvency-bound edtech firm will be diluted.

On October 17, 2025, the Bengaluru-based bench of the National Company Law Tribunal (NCLT) declined to grant any interim relief on the second plea filed by the insolvency-bound edtech firm Byju’s, to stay the EGM scheduled for October 29, 2025.