Aakash Educational Services Limited (Applicant), facing financial distress, initiated a rights issue of equity shares. Think & Learn Private Limited (Corporate Debtor), an existing shareholder, participated in this rights issue by raising funds through a Debenture Subscription Agreement with Byju's Alpha Inc. and remitting approximately ₹25 crores to the Applicant. The Applicant, however, developed concerns regarding the legality and regulatory compliance of these funds, specifically whether the instruments qualified as Compulsorily Convertible Debentures (CCD) or debt, potentially attracting External Commercial Borrowings (ECB) guidelines and Foreign Exchange Management Act (FEMA) provisions. Consequently, the Applicant kept the allotment of shares to the
…Aakash Educational Services Limited (Applicant) is engaged in providing educational services and is undergoing financial distress.
The Applicant undertook a rights issue of equity shares aggregating to ₹240 crores, approved by its Board on 04.10.2025 and shareholders on 29.10.2025.
A Letter of Offer dated 29.10.2025 was issued to shareholders, including the Corporate Debtor, for subscription to equity shares aggregating to ₹100 crores in the first tranche (offer period 03.11.2025 to 21.11.2025).
Think & Learn Private Limited (Corporate Debtor), through its Resolution Professional (Respondent No.1), executed a Debenture Subscription Agreement dated 07.11.2025 with Byju's Alpha Inc. to raise ₹100 crores for participating in the rights issue.
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Aakash Educational Services Limited (Applicant), facing financial distress, initiated a rights issue of equity shares. Think & Learn Private Limited (Corporate Debtor), an existing shareholder, participated in this rights issue by raising funds through a Debenture Subscription Agreement with Byju's Alpha Inc. and remitting approximately ₹25 crores to the Applicant. The Applicant, however, developed concerns regarding the legality and regulatory compliance of these funds, specifically whether the instruments qualified as Compulsorily Convertible Debentures (CCD) or debt, potentially attracting External Commercial Borrowings (ECB) guidelines and Foreign Exchange Management Act (FEMA) provisions. Consequently, the Applicant kept the allotment of shares to the
…Aakash Educational Services Limited (Applicant) is engaged in providing educational services and is undergoing financial distress.
The Applicant undertook a rights issue of equity shares aggregating to ₹240 crores, approved by its Board on 04.10.2025 and shareholders on 29.10.2025.
A Letter of Offer dated 29.10.2025 was issued to shareholders, including the Corporate Debtor, for subscription to equity shares aggregating to ₹100 crores in the first tranche (offer period 03.11.2025 to 21.11.2025).
Think & Learn Private Limited (Corporate Debtor), through its Resolution Professional (Respondent No.1), executed a Debenture Subscription Agreement dated 07.11.2025 with Byju's Alpha Inc. to raise ₹100 crores for participating in the rights issue.
…Board of Directors of…
Shareholders in an Extraordinary General…