Byju's RP Withdraws From Supreme Court Plea Challenging Karnataka HC's Order On Aakash Shareholding

The Supreme Court on Friday (May 2) refused to entertain a petition filed by the Resolution Professional of Think and Learn Pvt Ltd (the company running the ed-tech platform Byju's) challenging the Karnataka High Court's order which set aside NCLT's direction to maintain status quo on the shareholding of Aakash Educational Services Ltd (a subsidiary of Byju's).Although the Supreme Court did not approve of the High Court interfering with the National Company Law Tribunal's order when there was an appeal remedy, it chose not to interfere with the High Court's order, in view of the fact that Aakash has undertaken before the NCLT to not dilute the shares of Think and Learn.In this backdrop, Think & Learn chose to withdraw the petition from the Supreme Court. A bench comprising Justice PS Narasimha and Justice Joymalya Bagchi observed :"In view of the fact that the order passed by the National Company Law Tribunal (NCLT) could have been challenged before the appellate authority, i.e., the National Company Law Appellate Tribunal (NCLAT), we are of the opinion that there was no occasion for the High Court to exercise jurisdiction under Article 226 of the Constitution. However, in view of the subsequent developments, we are not inclined to interfere with the impugned judgment(s) and order(s) passed by the High Court.In the circumstances, Mr. P.S. Patwalia, learned Senior Counsel appearing on behalf of the petitioners seek to withdraw the Special Leave Petitions. Permission is granted. The Special Leave Petitions are dismissed as withdrawn."On March 27, NCLT Bengaluru ordered status quo on the shareholding of Aakash while hearing a petition filed by the resolution professional of Think and Learn Pvt Ltd. Aakash challenged this order before the High Court, contending that the status quo order was passed without hearing them.On April 8, the High Court set aside the NCLT's order and remitted the matter back to the Tribunal to take a fresh decision after hearing all the parties. The High Court also stated that the undertaking given by Aakash not to change its share structure will operate till April 30. On April 30, the same undertaking was given before the NCLT as well.Case : Think and Learn Pvt Ltd vs Aakash Educational Services Pvt Ltd | SLP(c) 12268- 12269/2025Click here to read the order

Byju's RP Withdraws From Supreme Court Plea Challenging Karnataka HC's Order On Aakash Shareholding

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