The Supreme Court Today (Nov 29) directed Aakash Institute not to give effect to the Extraordinary General Meeting (EGM) resolution to amend its Articles of Association (AoA). A Bench of CJI Sanjiv Khanna and Justice PV Sanjay Kumar directed Aakash Education to approach the National Company Law Appellate Tribunal (NCLAT) in seven days. The stay on implementation of the resolution will remain in place till the first date of hearing of the appeal before the NCLAT.
The NCLT ruled in favor of Byju’s investors, instructing Aakash Institute to pause a resolution that could dilute their shareholding. This decision follows a petition from Singapore VII Topco I, owned by Blackstone, alleging investor oppression. The next hearing is scheduled for December 19, leaving the future of investor rights and Aakash Institute uncertain.
The National Company Law Tribunal (NCLT) has issued a notice to SpiceJet due to a $5 million insolvency plea from Sabarmati Aviation, marking the airline’s third such notice in recent months. SpiceJet, dealing with nearly 10 insolvency cases, faces mounting financial difficulties, including claims from JetAir 17 Limited for over $27 million. The next hearing is set for December 3.
![[Byju's Insolvency Case] Resolution Professional (RP) Are Creating 'Chaos': Creditor To NCLT](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-44.png?resize=447%2C367&ssl=1)
![[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.
![[BREAKING] Supreme Court Nullifies Rs 158 Crore Byju's-BCCI Settlement To Conclude CIRP Proceedings](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/09/image-430.png?resize=447%2C367&ssl=1)
The Supreme Court of India Today (Oct 23) nullified the Rs 158 crore settlement between Byju’s (Think and Learn Pvt Ltd) and the Board of Control for Cricket in India (BCCI). The decision overturned a previous ruling by the National Company Law Appellate Tribunal (NCLAT), which had closed the insolvency proceedings against the ed-tech giant Byju’s, following a settlement with BCCI. The court criticized the NCLAT for prematurely concluding the Corporate Insolvency Resolution Process (CIRP) by invoking its inherent powers under Rule 11 of the NCLAT Rules 2016.
Today, On 22nd October, the Supreme Court of India permitted the government-appointed board of Unitech Ltd to seek police assistance for managing disturbances from third parties on the company’s properties. The board was also authorized to address grievances with government authorities, ensuring they can oversee the company’s affairs and complete pending housing projects for distressed homebuyers.
The Supreme Court Today (Sept 26) reserved its judgment on U.S.-based Glas Trust Company LLC’s appeal against the NCLAT’s stay on insolvency proceedings for BYJU’s, which also approved a Rs 158.9 crore settlement with BCCI. The SC has halted today’s 4 PM creditors’ committee meeting and any further meetings until its decision.
The Supreme Court Today (Sept 25) expressed doubts over whether the National Company Law Appellate Tribunal (NCLAT) had applied its mind while deciding to close insolvency proceedings against ed-tech firm Byju’s. The Court indicated that it is inclined to send the matter back to the NCLAT to take a fresh decision.
Today(on 23rd July), Finance Minister Nirmala Sitharaman announced plans to revise the Insolvency and Bankruptcy Code (IBC) to strengthen NCLT tribunals and improve asset recovery. The changes aim to enhance the efficiency of handling stressed assets. Additional tribunals for the NCLT and an integrated technology platform are part of the proposed reforms.
