BENGALURU: Pankaj Shrivastava, the interim resolution professional at Byju’s, has convened a committee of creditors (CoC) meeting on Saturday, to vote on who would be the permanent resolution professional, as per sources.
In accordance with a National Company Law Tribunal (NCLT) ruling, Glas Trust Company, the administrative agent appointed by a group of lenders of Byju’s, are included in the CoC meeting and will have 99.41% voting rights, one of the sources added.
That means Glas Trust will be able to pass a vote for the appointment of its preferred nominee as the permanent resolution professional.
Shrivastava and Glas Trust did not respond to TOI’s requests for comment on the matter.
In January, NCLT had directed disciplinary action against the resolution professional (IRP) managing Byju’s insolvency case, citing misconduct and decisions that impacted the proceedings and stakeholders.
The tribunal had also ruled that US-based Glas Trust and Aditya Birla Finance – which were removed from the CoC last year by the RP – must be reinstated.
“The IRP has a duty to assist the tribunal with integrity in an honest and fair manner and the conduct of the IRP in the present case has been filed with the intent to mislead the tribunal… The actions and decisions taken by the IRP are prejudicial to the interests of the CIRP process outlined by the IBC, 2016,” the tribunal said in its order on Wednesday.
With the conduct of IRP being “not fit and proper as expected from an officer of the tribunal,” judges K Biswal and Ravichandran Ramasamy also said that the Insolvency and Bankruptcy Board of India may conduct the necessary investigation in this matter.
Srivastava was appointed as the interim resolution professional, responsible for determining the financial position of Byju’s and constituting a committee of creditors. This was in July 2024, when NCLT had admitted an insolvency plea by the Board of Control for Cricket in India (BCCI) against the embattled edtech startup.
The path to bankruptcy was in relation to outstanding dues of about Rs 158.9 crore owed to BCCI on a title sponsorship rights deal struck in 2019. On the other hand, the group of lenders had extended a $1.2-billion term loan to Byju’s US subsidiary Alpha in 2021.
