New Delhi, Nov. 17 -- Two of India's biggest education companies are now circling Byju's bankrupt parent, Think & Learn Pvt. Ltd (TLPL), setting up a closely-watched insolvency battle at the National Company Law Tribunal (NCLT). The Manipal Group, led by Ranjan Pai, and upGrad, chaired by Ronnie Screwvala, have both filed expressions of interest (EOI) to acquire some or all of the edtech firm's assets.

Mint unpacks how the Corporate Insolvency Resolution Process (CIRP) for TLPL is likely to move from here, how competing bids from Manipal and upGrad will be weighed in a case involving roughly 1,780 creditors, and how any winning offer will ultimately depend on whether creditors are convinced about the bidder's ability to pay-judging their...