India, Feb. 24 -- Aakash Institute's shareholder Singapore Topco has withdrawn its petition from the National Company Law Tribunal (NCLT) challenging the company's resolution to amend its Articles of Association (AoA).

According to a report by Bar and Bench, the Blackstone-backed entity withdrew its petition without giving any reason.

Aakash had proposed the changes to its AoA to raise external funding, which it said was critical for its survival. However, Singapore Topco and BYJU'S financial creditor Glas Trust challenged it saying that the alteration will lead to their stakes getting diluted in the startup.

The NCLT stayed the changes in the AoA via an interim order on November 20, thus preventing the company from making any changes ...