NCLT Seeks Power Of Attorney, RP Consent Before Orders On Byju's-Aakash Settlement In Rights Issue Dispute

The National Company Law Tribunal at Bengaluru on Thursday deferred orders on the settlement between Byju's parent Think & Learn Private Limited and Aakash Educational Services Limited over Aakash's rights issue, directing the parties to first comply with several requirements.

The order was passed by Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada.

The parties had filed joint applications seeking to place on record the Compromise Memorandum and dispose of the proceedings in terms of the compromise arrived between the parties.

However, the Tribunal noted that the application filed on behalf of the Resolution Professional (RP) of Think & Learn had been signed and filed by his attorney pursuant to a Specific Power of Attorney.

The Tribunal directed the parties to produce the original Specific Power of Attorney, proof of payment of stamp duty and the attorney's identity document. It also sought a document showing that the joint application had been vetted and consented to by the RP.

The Tribunal further directed the filing of a memo recording non-pursuance or withdrawal of the petition against the other respondents.

Observing that several agreements, inter-se obligations, appeals and other proceedings were pending before superior forums, the Tribunal also directed the RP to file an affidavit assuring that the settlement terms do not violate any orders passed in those proceedings or any existing contractual obligations.

The matter has been listed on September 28, 2026 for compliance and orders.

For Petitioner: Senior Advocate Abhinav Vasisht, Advocates Pooja Mahajan, Arveena Sharma, Ichchha Kalash, Sparsh Jain, Harikrishna Pramod, Aishwarya V.R and Akshita Schdeva Haitly,

For Respondents: Senior Advocates C.K Nandakumar, Dhyan Chinappa, Advocates R. Chandrachud, Shyam Sundar H.V, Anmol Tayal, Dharmendar Singh, Raghavendra Reddy and Laksha Kalappa B