New Delhi, Jan. 30 -- The National Company Law Tribunal on Wednesday reinstated Glas Trust Co. Llc and Aditya Birla Finance Ltd as the financial creditors of Byju's, in a major setback to the edtech company as the two lenders will now have a say in all decisions related to its insolvency process.
The tribunal found Byju's interim resolution professional (IRP), Pankaj Srivastava, unfit to oversee the insolvency process, and directed the Insolvency and Bankruptcy Board of India to take disciplinary action against him and disband the Committee of Creditors (CoC) that he constituted.
The NCLT also set aside the resolution passed by the reconstituted CoC on 3 September appointing Srivastava as the resolution professional.
The court directed t...