In a significant development in the Byju’s insolvency proceedings, 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 (TLPL) — the embattled parent company of edtech major Byju’s, as per reports.
According to documents filed with the Resolution Professional (RP), MEMG India has requested to be included in the list of Prospective Resolution Applicants (PRAs) and expressed its intent to review TLPL’s financial and operational records for preparing a potential resolution plan. This marks MEMG’s second submission, following the RP’s decision to extend the deadline for EOI filings to November 13, 2025.
In its submission, MEMG confirmed compliance with all eligibility requirements under the Insolvency and Bankruptcy Code (IBC), 2016, including Section 29A, which prohibits certain disqualified entities from bidding. The company also furnished all required undertakings, confidentiality commitments, and e-stamped documentation along with its EOI.
Industry observers see MEMG’s renewed interest as a strategic move, given its majority ownership in Aakash Educational Services Ltd (AESL) — the coaching institute acquired by Think & Learn in 2021. Byju’s currently holds about 25.7% stake in Aakash after a court-approved rights issue it had opposed. Acquiring Byju’s remaining share could allow the Manipal Group to gain complete control of Aakash Institute, further consolidating its education portfolio.
The insolvency process has also been marked by growing friction between the Resolution Professional of Think & Learn and Glas Trust Co. LLC, which controls 99% of the Committee of Creditors (CoC) voting rights. Both had earlier objected to Aakash’s rights issue, arguing that the insolvent Think & Learn lacked the liquidity to participate. However, their objections were dismissed by the NCLT, NCLAT, and later by the Supreme Court.
Following the verdicts, Think & Learn has deposited ₹25 crore with Aakash to subscribe to its proportional share in the rights issue — a move that could now shape the course of its resolution and the ownership future of one of India’s most valuable edtech assets.
