SC stays Kerala HC order which directing Byju’s RP, EY India chairman, Glas Trust to appear

The Supreme Court on Friday stayed the Kerala High Court order directing Byju's' parent Think & Learn's (TLPL) resolution professional Shailendra Ajmera, a Glas Trust representative, and EY India chairman Rajiv Memani to appear in contempt proceedings linked to the edtech firm's foreign assets. The Glas Trust represents Byju's' US lenders.

The contempt proceedings were initiated by Voizzit Technology, which has claimed rights over TLPL's foreign assets, including the children's learning platform Epic and coding platform Tynker.

The counsels representing Glas, EY, and Ajmera told the apex court that the proceedings constituted a misuse of the legal process and were aimed at disrupting the ongoing insolvency suit against TLPL, sources said.

The contempt case arises from the Kerala High Court's (HC's) judgment dated May 21, 2025, which had restrained any transfer of Byju's' key overseas subsidiaries, such as Epic and Tangible Play.

On May 29, the SC set aside the HC order restraining US bankruptcy attorney Claudia Springer, who has been managing the insolvency proceedings of Byju's' subsidiaries in the US, from selling intellectual property linked to Epic and Tangible Play.

The bench asked today how the contempt case could continue when the underlying order it relied on had been overturned.

Earlier, ET had reported that Byju's Alpha, a US-based special purpose vehicle set up by founder Byju Raveendran to receive a $1.2 billion loan, had sold its US assets at a fraction of their purchase price as creditors pushed to recover their dues from the edtech.

Chicago-based computer science edtech firm CodeHS acquired Tynker for $2.2 million in cash, while China's TAL Education Group paid $95 million for Epic.

The proceeds from the sale were used to repay Byju's' US creditors.

In India, TLPL is in the midst of insolvency proceedings which began last year after the Board of Control for Cricket in India moved the National Company Law Tribunal (NCLT ) to recover Rs 158 crore owed by the company for a sponsorship deal.

Source: EconomicTimes
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