NEW DELHI: The Bengaluru bench of the National Company Law Tribunal (NCLT) has deferred its decision on a petition by US-based lender Glas Trust that seeks a stay on further meetings of the committee of creditors (CoC).
Glas Trust has been removed from the CoC by Pankaj Srivastava, interim resolution professional.
The steering committee of the ad-hoc group of term loan lenders under the $1.5 billion term loan guaranteed by Think & Learn Pvt Ltd, said in a statement, “Pankaj Srivastava’s actions are unprecedented and illegitimate.” The bench heard the petition filed by Glast Trust on Wednesday. Glast Trust recently moved the NCLT, Bengaluru, seeking removal of Pankaj Srivastava as the IRP.
On August 14, 2024, Srivastava resumed office as the interim resolution professional of Think & Learn and formed the CoC on August 21. They claimed, “Pankaj has been secretly plotting to reject the claims of lenders, who are owed over $1.35 billion, which recently came to light through sealed filings, various media reports and statements made by his counsel in court.”