# In the matter of Think & Learn Private Limited

> NCLT judgment dated 2025-02-10. Citation: TCN-2025-NCLT-00509. The case involves an Interlocutory Application (IA No. 837/2024) filed in a Company Petition…

- **Court:** NCLT
- **Order date:** 10 Feb 2025
- **Citation:** TCN-2025-NCLT-00509
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/think-learn-private-limited-c7217048

## Summary

### Background

The case involves an Interlocutory Application (IA No. 837/2024) filed in a Company Petition (IB) No. 149/BB/2023 by Mr. Pankaj Srivatsava, the Resolution Professional of Think & Learn Private Limited, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The CIRP was initiated against Think & Learn Private Limited based on a petition filed by the Board of Control for Cricket in India (BCCI). The NCLT admitted the company into CIRP on 16.07.2024. Subsequently, Mr. Riju Ravindran, a promoter and shareholder of Think & Learn, offered a

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## Facts

1. The Board of Control for Cricket in India (BCCI) initiated CIRP against Think & Learn Private Limited by filing Company Petition 149/2023 on 2023-09-08.
2. The NCLT admitted Think & Learn into CIRP on 2024-07-16, recognizing an operational debt of Rs. 1,58,90,92,400.
3. Mr. Byju Raveendran, an erstwhile director/promoter/shareholder, filed an appeal (CA (AT) (Ins) No. 262 of 2024) against the NCLT order.
4. Mr. Riju Ravindran, promoter and largest shareholder, offered a settlement of Rs. 1,58,00,00,000 to BCCI.
5. The NCLAT approved the settlement on 2024-08-02, invoking its inherent powers under Rule 11.
6. GLAS Trust Company LLC filed a civil appeal (Civil Appeal No. 9986 of 2024) challenging the NCLAT order on 2024-08-07.
7. The Supreme Court stayed the NCLAT

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## Issues and analysis

### Issue 1: Whether the withdrawal application filed under Section 12A of the Code read with Regulation 30A of …

**Ratio:** Section 12A of the Code and Regulation 30A of the CIRP Regulations govern the withdrawal

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**Reasoning:** The court considered the provisions of Section 12A and Regulation 30A, which stipulate

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing a CIRP

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**Application:** In this case, the court directed that the withdrawal application be presented

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## Parties

- **Judges:** K. Bi…; RAVICHANDRAN…
- **Appellants:** BOARD OF CONTROL…
- **Respondents:** Think and Learn…

## Timeline

- **2023-09-08 — Filing of Company…**: The Company Petition 149/2023 was filed by the Respondent for CIRP against the Corporate…
- **2024-07-16 — Admission in…**: The Tribunal admitted Corporate Debtor into CIRP under Section 9 of the Insolvency and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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