Manipal group submits EoI for acquiring Byju’s

Dr Ranjan Pai-led Manipal Education and Medical Group India Pvt Ltd (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 Byju’s.

According to documents filed with the Resolution Professional (RP), MEMG India has sought to be included in the list of Prospective Resolution Applicants (PRAs) and expressed its intent to examine the company’s financial and operational details for the purpose of evaluating a potential resolution plan. This is the second submission of EOI by MEMG after the time for such submission was extended by the RP to 13^th November, 2025.

The submission by MEMG India, includes all statutory undertakings required under the Insolvency and Bankruptcy Code (IBC), 2016. The company has certified that it meets the eligibility norms for PRAs and is not disqualified under Section 29A of the IBC. MEMG has also submitted the necessary affidavits, confidentiality commitments and e-stamp executed documentation as part of the filing.

As per the EOI, MEMG has requested access to the information memorandum, virtual data room, evaluation matrix, and other CIRP-related information in order to assess the feasibility of preparing and submitting a resolution plan.

The Resolution Professional will review eligibility, issue a provisional list of PRAs and subsequently a final list, following verification and approval from the Committee of Creditors (CoC). Submission of the EOI does not guarantee shortlisting or approval for the next phase. It is however understood, that MEMG India is the only applicant who has submitted the EOI and there are no other applicants who have bid for the same.

The insolvency process for Think & Learn Pvt Ltd is currently underway before the National Company Law Tribunal (NCLT), with the RP responsible for inviting and evaluating resolution plans aimed at reviving or restructuring the company.

Manipal Group’s EoI gains significance, as a successful resolution of TLPL by Manipal will help in business consolidation of AAKASH, in which Manipal has a majority shareholding.

Recently, the RP of TLPL and Glas Trust Co. LLC (Creditor of TLPL with 99% voting share in CoC) had bitterly opposed the Rights Issue in AAKASH by contending that TLPL, a 25% shareholder in AAKASH, being in CIRP does not have the funds to participate in the Rights Issue, which submission was rejected by NCLT, NCLAT and the Hon’ble Supreme Court. The submission however it appears was palpably false, as it has turned out, that after the Courts refused to stop the Rights Issue, TLPL has now deposited Rs. 25 crores with AAKASH to subscribe for the shares proportionate to its shareholding in the Rights Issue.

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