National Company Law Tribunal orders disciplinary action against Byju’s IRP

The National Company Law Tribunal (NCLT) today ordered disciplinary action against the interim resolution professional (IRP) of Byju’s even as it reinstated Glas Trust and Aditya Birla Finance as the edtech firm’s financial creditors.

The tribunal directed the Insolvency and Bankruptcy Board of India (IBBI) to initiate disciplinary proceedings against the IRP Pankaj Srivastava. This came after Srivastava excluded Glas Trust and Aditya Birla Finance from the committee of creditors (CoC) of the beleaguered edtech firm. Among the two, Aditya Birla Finance alleged that it was classified as an operational creditor while Glas Trust had contended that it was ousted from the lenders body.