India, Feb. 24 -- Adding a new chapter to the months of drama surrounding BYJU'S insolvency case, the Bengaluru insolvency court has approved appointment of Shailendra Ajmera as the new resolution professional to navigate the edtech startup's bankruptcy proceedings.

Ajmera will be replacing Pankaj Shrivastava whose conduct was deemed as "unfit" and "improper" by the National Company Law Tribunal (NCLT) for an officer of the tribunal.

This comes after the edtech company's committee of creditors (CoC) reportedly passed a resolution to replace Shrivastava with Ajmera. Srivastava was accused by BYJU'S creditors Glas Trust and Aditya Birla Finance of fraud by not including them in the then CoC.

Retaliating to this, Srivastava moved the Nati...