# In the matter of GLAS Trust Company LLC vs. Shailendra Ajmera & Ors.

> NCLAT judgment dated 2025-10-28. Citation: TCN-2025-NCLAT-00523. GLAS Trust Company LLC, a principal member of the CoC of Think and Learn Private Limited…

- **Court:** NCLAT
- **Order date:** 28 Oct 2025
- **Citation:** TCN-2025-NCLAT-00523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/glas-trust-company-llc-vs-shailendra-ajmera-ors-f991c27e

## Summary

### Background

GLAS Trust Company LLC, a principal member of the CoC of Think and Learn Private Limited (TLPL), filed an application seeking an order of interim injunction to restrain Aakash Educational Services Limited (Akash) from convening an extraordinary General Body meeting and preventing the reduction of TLPL's shareholding in Akash. TLPL is undergoing CIRP, and Akash proposed to increase its authorized share capital, which would dilute TLPL's shareholding.

## Facts

TLPL holds approximately 25.41% shares in Akash.

TLPL is undergoing CIRP vide an order dated 16.07.2024.

Akash proposed to hold an extraordinary General Body meeting to increase its authorized share capital.

Glas Trust, a principal member of the CoC of TLPL, sought an interim injunction to restrain Akash from convening the meeting and reducing TLPL's shareholding.

Akash's Board resolved to raise funds by issuing debentures on 22.04.2023, resulting in a Debenture Trust Deed on 25.04.2023.

The RP of TLPL did not attend Akash's Board meeting on 21.10.2024, where a resolution for amending the Articles of Association was passed.

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## Issues and analysis

### Issue 1: Whether the resolution of the Board of directors of Akash dated 24.10.2024 was directed not to be …

**Ratio:** The tribunal found that Akash was not a party to the proceeding where the Adjudicating

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**Reasoning:** Akash holding its General body meeting on 20.11.2024 prima facie does not appear to be

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**Interpretation:** The tribunal interpreted that the order of the Adjudicating Authority does not

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**Application:** The tribunal applied this interpretation to conclude that the resolution of the

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## Parties

- **Judges:** N. Sesha…; Jatindranat…
- **Appellants:** GLAS Trust…
- **Respondents:** Think and Learn…; SHAILENDRA…; +1 more
- **Other parties:** Glas Trust…; GLAS T…
- **Advocates:** C. Aryama S…; Krishnendu…; +21 more

## Timeline

- **16.07.2024 — CIRP Admi…**: TLPL was admitted to CIRP vide an Order of the…
- **22.04.2023 — Board Reso…**: The Board of Akash resolved to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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