Byju’s logo.
Credit: Reuters File Photo
Bengaluru: Dr Ranjan Pai–led Manipal Education and Medical Group India (MEMG India) has formally submitted an Expression of Interest (EOI) to participate in the Corporate Insolvency Resolution Process (CIRP) of Think & Learn Pvt Ltd, the parent company of Byju’s.
According to documents filed with the Resolution Professional (RP), MEMG India has sought to be included in the list of Prospective Resolution Applicants (PRAs) and expressed its intent to examine the company’s financial and operational details for the purpose of evaluating a potential resolution plan. This is the second submission of EOI by MEMG.
The submission includes all statutory undertakings required under the Insolvency and Bankruptcy Code (IBC), 2016. The company has certified that it meets the eligibility norms for PRAs and is not disqualified under Section 29A of the IBC.
As per the EOI, MEMG has requested access to the Information Memorandum, Virtual Data Room, evaluation matrix, and other CIRP-related information to assess the feasibility of preparing and submitting a resolution plan.
The Resolution Professional will review eligibility, issue a provisional list of PRAs and subsequently a final list, following verification and approval from the Committee of Creditors (CoC).
The insolvency process for Think & Learn Pvt Ltd is currently underway before the National Company Law Tribunal (NCLT), with the RP responsible for inviting and evaluating resolution plans aimed at reviving or restructuring the company.
Manipal Group’s EoI gains significance, as a successful resolution of TLPL by Manipal will help in the business consolidation of Aakash, in which Manipal has a majority shareholding.
Recently, the RP of TLPL and Glas Trust Co. (Creditor of TLPL with 99% voting share in CoC) had opposed the Rights Issue in Aakash by contending that TLPL, a 25% shareholder in Aakash, being in CIRP does not have the funds to participate in the Rights Issue, which submission was rejected by NCLT, NCLAT and the Supreme Court.
After the Courts refused to stop the Rights Issue, TLPL has now deposited Rs 25 crore with Aakash to subscribe for the shares proportionate to its shareholding in the Rights Issue.
The National Company Law Tribunal (NCLT), Bengaluru bench, in July last year, admitted an insolvency petition filed by the Board of Control for Cricket in India (BCCI)against Byju's over a Rs 158 crore debt.