'Perfect Order' : Supreme Court Dismisses Byju Raveendran's Appeal Against NCLT Restoring Original CoC In Think & Learn CIRP

The Supreme Court today(May 4) refused to interfere with an order of the National Company Law Appellate Tribunal, Chennai (NCLAT), which had restored the original Committee of Creditors (CoC), including Aditya Birla and Glas Trust Company LLC as financial creditor, in the insolvency resolution process concerning Think & Learn Pvt Ltd (the company which ran the ed-tech company Byju's).

A bench comprising Justice JB Pardiwala and Justice Vijay Bishnoi, dismissing the appeal filed by Byju Raveendran,  said that the IRP shall proceed expeditiously with the insolvency proceedings, which shall be carried out in accordance with law.

"In this matter, we will not [interfere]. This is now too much. This litigation has gone too far beyond. Perfect order, we will not interfere," Justice Pardiwala said.

The facts leading to this are that the Board of Control for Cricket(BCCI) initiated insolvency proceedings against Think and Learn Pvt, and Pankaj Srivastava was appointed as the insolvency professional. He constituted the CoC on August 21, 2024, comprising Glas Trust Company LLC, Aditya Birla, Incred Financial Service Limited and ICICI Bank Limited.

The issue arose when the IRP decided to reconstitute the CoC by excluding two major financial creditors, namely, Aditya Birla and Glas Trust, who were having 0.41% voting share and 99.41% voting shares, respectively.

The reconstituted CoC dated August 31, 2024, had only one financial creditor, namely, Incred Financial Services Ltd. with 100% voting share, even though it was having 0.18% share earlier. This was challenged, and the NCLT Bengaluru restored the original CoC. 

Against this, Byju Raveendran, the suspended director and promoter of of M/s Think and Learn Pvt. Ltd, filed an appeal before the NCLAT. However, vide an order dated August 12, 2025, the NCLAT refused to interfere. It said that the resolution professional has no adjudicatory powers, and once a CoC has been constituted, the IRP can't change it. 

Case Details:  BYJU RAVEENDRAN v ADITYA BIRLA FINANCE LIMITED AND ORS|Diary No. 52266-2025