New Delhi, Feb. 24 -- Embattled ed-tech firm Byju's has a new navigator for its bankruptcy proceedings.

On Monday, the Bengaluru insolvency court approved the appointment of Shailendra Ajmera as the resolution professional (RP), replacing Pankaj Shrivastava. This follows a January order by the National Company Law Tribunal (NCLT), which questioned Shrivastava's ability to oversee the process. The tribunal also cancelled a Committee of Creditors (CoC) reconstitution he carried out on 31 August 2024, reinstating the previous CoC formed on 21 August 2024.

The move marks a critical shift in Byju's insolvency battle, which has pitted the company's dissenting lenders-Glas Trust LLC and Aditya Birla Finance-against its suspended directors, inc...