US' Glas Trust moves NCLAT for stay over amendments in Aakash's AoA

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US' Glas Trust moves NCLAT for stay over amendments in Aakash's AoA - Business Standard

Quick Summary:

GLAS Trust Company LLC, the US-based lender of debt-ridden firm Byju's, on Wednesday moved insolvency appellate tribunal NCLAT seeking a stay over amendments in the Articles of Association (AoA) of Aakash Educational Services.

This new petition comes after private equity firm Blackstone-backed Singapore VII Topco on Monday withdrew its petition at the Bengaluru bench of NCLT against the amendment in the Articles of Association (AoA) of Aakash Educational Services.

A two-member bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain issued notice to Aakash Educational Services, Resolution Professional of Think & Learn Pvt Ltd, which operates under Byju's brand.