![[Byju's Insolvency Case] “They Have Classified Us as Operational Creditors; We Are Financial Creditors”: Aditya Birla Finance, Glas Trust Seek to Replace Resolution Professional](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/11/image-11.png?resize=300%2C168&ssl=1)
Today, On 4th November, Aditya Birla Finance and Glas Trust petitioned the NCLT to replace the resolution professional managing Byju’s insolvency, claiming only one entity is classified as a financial creditor, resulting in a single-member Committee of Creditors. The NCLT will hear the case next week, following a stay on CoC meetings.
NCLAT Chennai today has approved Byju’s settlement with BCCI, halting insolvency proceedings against the edtech firm. Repayment source was confirmed, safeguarding financial creditors’ interests. The tribunal criticized unnecessary complexity and stressed the importance of settlement. With this decision, insolvency proceedings against Think and Learn will cease, and the firm will not form a Company of Creditors.
