Manipal's Ranjan Pai submits bid for Byjus parent Think and Learn

In its filing, MEMG certified that it meets all eligibility norms under the Insolvency and Bankruptcy Code (IBC), 2016, including compliance with Section 29A, which bars certain entities from bidding. The company has submitted all required undertakings, confidentiality commitments, and e-stamped documentation as part of its EOI.

The Manipal Education and Medical Group India Pvt Ltd (MEMG India), led by Dr Ranjan Pai, has officially filed an Expression of Interest (EOI) to participate in the corporate insolvency resolution process (CIRP) of Think & Learn Pvt Ltd (TLPL) — the parent company of edtech major Byju’s.
According to documents filed with the Resolution Professional (RP), MEMG has sought inclusion in the list of prospective resolution applicants (PRAs) and requested access to TLPL’s financial and operational data to evaluate a potential resolution plan. This marks MEMG’s second submission, after the RP extended the deadline for EOI submissions to November 13, 2025.

What exactly has MEMG filed?

In its filing, MEMG certified that it meets all eligibility norms under the Insolvency and Bankruptcy Code (IBC), 2016, including compliance with Section 29A, which bars certain entities from bidding. The company has submitted all required undertakings, confidentiality commitments, and e-stamped documentation as part of its EOI.

What’s next in the insolvency process?

The RP will now review all EOIs, release a provisional list of PRAs, and later a final list after verification and approval from the Committee of Creditors (CoC). While submission of an EOI doesn’t guarantee shortlisting or progression to the next phase, sources indicated that MEMG is currently the only entity to have submitted an EOI for Byju’s parent.
The insolvency process for Think & Learn is being overseen by the National Company Law Tribunal (NCLT), aimed at identifying a viable resolution plan to revive or restructure the company.

Why is this significant for Manipal?

MEMG’s interest is widely seen as strategic, given its majority ownership in Aakash Educational Services Ltd (AESL) — which Think & Learn acquired in 2021 and still holds around 25 percent in. A successful resolution of TLPL could help consolidate Aakash’s ownership and align it more closely with Manipal’s education portfolio.

This development also follows a series of legal disputes between TLPL’s creditors and Aakash over a recent rights issue. The RP of TLPL and Glas Trust Co. LLC, which holds a 99 percent voting share in TLPL’s CoC, had opposed the rights issue, claiming TLPL lacked funds to participate.
However, both the NCLT and the NCLAT dismissed their petitions — and the Supreme Court later upheld those rulings, paving the way for Aakash’s rights issue to proceed, as Moneycontrol reported earlier.