# In the matter of Think & Learn Private Limited

> NCLT judgment dated 2025-02-24. Citation: TCN-2025-NCLT-00449. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Think &…

- **Court:** NCLT
- **Order date:** 24 Feb 2025
- **Citation:** TCN-2025-NCLT-00449
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/think-learn-private-limited-99b7c525

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Think & Learn Private Limited. An Interim Resolution Professional (IRP), Mr. Pankaj Srivastava, was initially appointed. The Committee of Creditors (CoC) was constituted, and the IRP certified its constitution. The CoC then resolved to replace Mr. Srivastava with Mr. Shailendra Ajmera as the Resolution Professional.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Think & Learn Private Limited on 2024-07-16. Mr. Pankaj Srivastava was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2024-07-17, inviting creditors to file their claims by 2024-07-31. The IRP verified the claims and constituted the Committee of Creditors (CoC) on 2024-08-21. The IRP filed I.A No.942 of 2024, certifying the constitution of the CoC, which was upheld by the Tribunal on 2025-01-29. The CoC, with 99.82% voting share, resolved to replace Mr. Pankaj Srivastava with Mr. Shailendra Ajmera as the Resolution Professional. GLAS Trust Company LLC was authorized to file the application on behalf of the CoC. Suspended directors filed an IA

…

## Issues and analysis

### Issue 1: Whether the application for replacing the Interim Resolution Professional with a Resolution …

**Ratio:** The CoC has the authority to replace the IRP with a Resolution Professional by a majority

…

**Reasoning:** The court considered the submissions made by the applicant and the fact that the CoC had

…

**Interpretation:** Section 22 (2) & 3 (b) and Section 60 (5) of the I & B Code 2016 read

…

**Application:** The CoC, with a 99.82% voting share, passed a resolution to replace Mr. Pankaj

…

## Parties

- **Judges:** K. Bi…; RAVICHANDRAN…
- **Appellants:** The Board and…
- **Respondents:** Think and Learn…

## Timeline

- **2024-07-16 — CIRP Init…**: CIRP was initiated against the…
- **2024-07-17 — Public Annou…**: Public announcement was made,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 22(2) — Appointment of resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-22)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/think-learn-private-limited-99b7c525