NCLAT rejects Byju's resolution professional's petition challenging NCLT order

The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea filed by Resolution Professional of Think & Learn, which owns edtech brand Byju's, challenging an NCLT order directing to maintain status quo regarding the company's stake in Aakash Educational Services.

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A two-member NCLAT bench said that since the NCLT order is "consensual" an interlocutory order, which is not deciding any of the rights of the parties, no interference is called for by the appellate tribunal at this stage.

"Since the impugned order takes the shape of an interlocutory order, which is not deciding any of the rights of the parties, coupled with the fact that the order takes the shape of a consenting order, no interference is called for by this Tribunal in the exercise of its Appellate Jurisdiction at this stage," said NCLAT.

TLPL, through its RP, had moved the Chennai bench of NCLAT against the NCLT direction not to alter the shareholding, against the backdrop of plans of equity fund raising by Aakash Educational Services.