Byju's Parent Moves Supreme Court To Stall Second Tranche Of Aakash ₹240 Crore Rights Issue
Kirit Singhania
16 Feb 2026 1:42 PM IST
Think & Learn Pvt. Ltd., which owns edtech major Byju's, has moved the Supreme Court against a National Company Law Appellate Tribunal (NCLAT) order that allowed Aakash Educational Services Ltd. to proceed with the second tranche of its Rs. 240 crore rights issue.
The NCLAT permitted Think & Learn to apply for shares up to its original 25.75% entitlement. It also restrained Aakash from taking up any matter requiring a special resolution until the dispute is decided.
A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe will hear the appeal on Tuesday.
The appeal challenges the February 3, 2026 order of the NCLAT, Chennai Bench.
Background
The dispute arose in the context of the corporate insolvency resolution process (CIRP) of Think & Learn Pvt. Ltd. (Byju's), which was admitted into insolvency by the NCLT, Bengaluru Bench on July 16, 2024.
Think & Learn, which holds approximately 25.75% shareholding in Aakash Educational Services, approached the National Company Law Appellate Tribunal (NCLAT), challenging the issuance of the second tranche of rights shares by Aakash.
Earlier, Aakash had proposed to raise Rs. 240 crores through a rights issue in two tranches of Rs.100 crore and Rs.140 crore. On October 28, 2025, the NCLAT had permitted the rights issue to proceed and directed Think & Learn to participate proportionately.
Think & Learn participated in the first tranche and paid the required subscription amount. However, Aakash withheld allotment of the shares to Byju's parent company on the ground that it suspected possible FEMA violations in the source of funds used by the Resolution Professional
Aakash simultaneously filed an application before the NCLT seeking directions to ascertain the legitimacy of the source of funds. Meanwhile, on January 8, 2026, Aakash issued notice for the second tranche of the rights issue. Think & Learn expressed apprehension that withholding of shares in the first tranche had diluted its shareholding from 25.75% to 10.99%, thereby affecting its voting rights and participation in the second tranche
The NCLAT on February 3, noted that the issues raised required deeper examination but refused to defer the second tranche. However, the tribunal permitted Think & Learn to apply for shares up to its original 25.75% entitlement and directed Aakash not to take up any matter requiring special resolution pending adjudication of the controversy.
Against this backdrop, Think & Learn has filed an appeal has filed an appeal before the Supreme Court challenging the NCLAT's February 3, 2026 order.