Was pressured to select process advisor, alleges Byju's former IRP

Khaitan & Co, EY refute allegations

- SHIVANI SHINDE & PEERZADA ABRAR

E dtech firm Byju's former interim resolution professional (IRP) has alleged that he was pressured by Khaitan & Co to select EY as process advisor for the investigation against Think & Learn Pvt Ltd, the parent firm of Byju's.

The IRP had written a letter to show that he did not mislead or fail in his statutory duties.

Pankaj Srivastava, former IRP in the insolvency procedure against Think & Learn, has made the allegations in a 90-page confidential filing to the Insolvency and Bankruptcy Board of India (IBBI).

In January this year, Srivastava was removed as the IRP in the case as the National Company Law Appellate Tribunal (NCLAT) found him unfit to oversee the proceedings. The NCLAT also directed the IBBI to take disciplinary action against him.

In the confidential document sent to the manager and investigating authority, IBBI, and seen by Business Standard, Srivastava has alleged that officials of Khaitan and Co. (counsel of GLAS) reached out to him about the manner in which the claim of GLAS Trust shall be treated in the corporate insolvency resolution process (CIRP) on the grounds that they are claiming as authorised representatives of the group of lenders.