Dr. Ranjan Pai-led Manipal Education and Medical Group India (MEMG India) has formally submitted an Expression of Interest (EOI) to participate in the Corporate Insolvency Resolution Process (CIRP) of Think & Learn Pvt Ltd, the parent company of troubled edtech firm Byju’s.
According to filings with the Resolution Professional (RP), MEMG India has sought inclusion in the list of Prospective Resolution Applicants (PRAs) and expressed intent to review the company’s financial and operational details to evaluate a potential resolution plan. This marks MEMG’s second EOI submission after the RP extended the deadline for such applications to 13 November 2025.
The submission includes statutory undertakings required under the Insolvency and Bankruptcy Code (IBC), 2016, confirming MEMG’s eligibility under Section 29A. The company has also provided necessary affidavits, confidentiality commitments, and digitally stamped documentation as part of its filing.
MEMG has requested access to the Information Memorandum, Virtual Data Room, evaluation matrix, and other CIRP-related materials to assess the feasibility of preparing and submitting a resolution plan.
Following verification, the RP will publish a provisional and then final list of eligible PRAs, subject to approval from the Committee of Creditors (CoC). The submission of an EOI does not automatically guarantee shortlisting for the next stage.
It is understood that MEMG India is the sole applicant to have submitted an EOI so far.
The insolvency process for Think & Learn Pvt Ltd is currently before the National Company Law Tribunal (NCLT), with the RP overseeing the invitation and evaluation of resolution plans to revive or restructure the company.
The Manipal Group’s interest in Byju’s parent is viewed as strategically significant, as a successful resolution could support consolidation within Aakash Educational Services Ltd, in which MEMG holds a majority stake.
Recently, tensions flared between the RP of Think & Learn and Glas Trust Co. LLC, which holds a 99 per cent voting share in the CoC, over Aakash’s rights issue. The RP and creditor opposed the move, arguing that the insolvent Think & Learn, which owns 25 per cent of Aakash, lacked funds to participate. However, the NCLT, NCLAT and later the Supreme Court rejected these objections. Following the verdicts, Think & Learn has since deposited Rs 25 crore with Aakash to subscribe to its proportionate share in the rights issue. |
