Ranjan Pai-led Manipal Group enters BYJU’S insolvency race
Manipal Group has entered the BYJU’S insolvency process as the deadline for submitting Expressions of Interest is extended further to December 15.
The troubled insolvency of Think and Learn Pvt Ltd (TLPL), the parent company of BYJU’S, has gained a contender after the Ranjan Pai-led Manipal Education and Medical Group India (MGME India) formally entered the process as a prospective bidder.
The move positions the Manipal Group at the centre of a complex corporate resolution battle, especially given its controlling stake in Aakash Educational Services Limited (AESL).
MEMG India has formally submitted an Expression of Interest (EOI) to participate in the Corporate Insolvency Resolution Process (CIRP) of TLPL, the group said in a statement.
The documents filed with the Resolution Professional (RP) note that the group has sought to be included in the list of Prospective Resolution Applicants (PRAs) and expressed its intent to examine TLPL’s financial and operational details.
The submission follows an extension of the deadline to November 13 and represents the second EOI filed by the Manipal Group.
The Ranjan Rai-led group has asserted that it meets the eligibility norms for PRAs and is not disqualified under Section 29A of the IBC, and has provided all required affidavits and undertakings. It has also requested access to the Information Memorandum and Virtual Data Room “in order to assess the feasibility of preparing and submitting a resolution plan”.
The statement noted that “MEMG India is the only applicant who has submitted the EOI and there are no other applicants who have bid for the same”. This positions the Manipal Group as the sole contender at a crucial stage of the insolvency, although the RP must still issue provisional and final lists before bidding proceeds.
The last day for submission of EOI now stands further extended to December 15, according to a new note by the RP Shailendra Ajmera.
The relevance of the bid becomes clearer in light of the ongoing disputes surrounding Aakash, in which Manipal holds a majority stake while Think and Learn owns about a quarter. The statement highlighted that a successful resolution “will help in business consolidation of Aakash” under Manipal’s leadership.
Tensions escalated earlier when Ajmera and Glas Trust, which holds 99% voting power in the Committee of Creditors (CoC), opposed Aakash’s rights issue. They argued that TLPL lacked funds to participate.
The submission was rejected by NCLT, NCLAT, and the Supreme Court, and subsequently proved “palpably false” after TLPL “deposited Rs 25 crores with Aakash” to subscribe to its entitlement in the issue.
With BYJU'S once dominant edtech empire now in insolvency, and Aakash remaining a high value educational asset, the resolution process holds significant implications for creditors, students and the wider sector.
If the Manipal Group proceeds to the next stage and submits a viable resolution plan, the BYJU'S insolvency may proceed forward from a prolonged stalemate.