The Bengaluru bench of the National Company Law Tribunal (NCLT) was informed earlier this week that Think & Learn Private Limited and Aakash Educational Services Limited have resolved their dispute concerning Aakash's rights issue. According to LiveLawBiz, the development was conveyed to the tribunal by Senior Advocate Abhinav Vasisht, who appeared for Think & Learn's Resolution Professional, and Senior Advocate CK Nandakumar, representing Aakash. However, the terms of the settlement have not been disclosed, leaving creditors with a key question about how much of Aakash Think & Learn actually owns and whether that stake can be monetized. The parties plan to file a joint application before the tribunal regarding the settlement, but have not disclosed whether Byju's will receive all the shares for which it paid.
The case originated from a rights issue floated by Aakash, which Think & Learn challenged before the NCLT, alleging oppression and mismanagement. As reported by LiveLawBiz, the tribunal refused to grant interim relief, with the NCLAT later upholding that decision. The Supreme Court subsequently chose not to intervene. The dispute resulted in Think & Learn's recorded stake in Aakash falling to 10.99% from its earlier 25.75%. By March 31, Think & Learn's recorded stake stood at 13.72% after some shares were allotted, but another 122.2 million shares, for which it had paid ₹61.12 crore, remained unallotted. The NCLAT subsequently permitted Think & Learn to participate in the second tranche to preserve its 25.75% entitlement.
The settlement matters significantly for international creditors seeking to recover money from the insolvent edtech firm. Glas Trust, which lent $1.2 billion to Byju's through a term loan, is pursuing a claim linked to Think & Learn's Aakash shares. However, Glas's status as a creditor does not automatically give it ownership of the Aakash shares, as explained by advocate Tushar Kumar at the Supreme Court. The stake would have to be sold under insolvency rules or dealt with through a resolution plan approved by creditors and the NCLT. Meanwhile, Qatar Holding LLC is seeking to enforce an arbitration award of more than $235 million against Byju Raveendran and his Singapore-based firm, Byju's Investments Pte. Ltd. The award carries interest of 4% a year compounded daily from February 28, 2024. At the roughly $2 billion valuation reported by Reuters, Beeaar's 2.86% stake would be worth about $57 million, still below Qatar Holding's award.
Aakash's financial position presents challenges for any potential recovery efforts. In fiscal 2026, it reported a consolidated loss of ₹186.5 crore, narrower than ₹220.8 crore a year earlier, while revenue was nearly unchanged at ₹2,040.5 crore. Liabilities stood at ₹2,645 crore against assets of ₹2,206 crore, including ₹939 crore in lease obligations and a ₹438 crore bank overdraft guaranteed by its holding company. Aakash ended the year with ₹112 crore in cash. On a standalone basis, Aakash reported a loss of ₹266 crore and negative net worth of ₹441.6 crore, with current liabilities exceeding current assets by ₹1,411.6 crore. Auditor Khandelwal Jain & Co. noted that these conditions raise significant doubt on the holding company's ability to continue as a going concern.
