Byju’s resolution professional has sought another 90 days to complete the insolvency proceedings of Think & Learn, the parent company of the embattled edtech startup. Shailendra Ajmera of EY told the Bengaluru bench of the National Company Law Tribunal (NCLT) on Tuesday that the initial 180-day insolvency period, after accounting for periods excluded under earlier court orders, ended on July 29.
The latest request comes after the insolvency process was slowed by multiple legal battles and difficulties in monetising Byju’s assets. The resolution professional has filed a fresh application seeking the additional 90 days, putting the NCLT at the center of the next stage of a prolonged insolvency process that has involved lenders, creditors, shareholders and several courts.
Byju’s Seeks More Time To Complete Insolvency
The resolution professional overseeing Think & Learn’s corporate insolvency resolution process is seeking an additional 90 days from the NCLT. The application follows the expiry of the 180-day period on July 29 after accounting for time excluded by previous court orders.
The request reflects the difficulties faced in moving the company through the insolvency process. Court proceedings and disputes involving stakeholders have affected the pace at which assets can be monetised and the resolution process can advance.
Byju’s Insolvency Process At A Glance
| Key Detail | Latest Information |
|---|---|
| Parent company | Think & Learn Pvt. Ltd. |
| Resolution professional | Shailendra Ajmera, EY |
| Initial insolvency period | 180 days |
| Initial period ended | July 29, 2026 |
| Extension sought | 90 days |
| Adjudicating authority | NCLT Bengaluru bench |
| Main obstacles | Court battles and asset monetisation delays |
The 90-day request is now subject to the NCLT’s consideration. The resolution professional’s responsibilities continue while an extension application is being decided under the applicable insolvency framework.
Why Byju’s Insolvency Process Has Taken So Long
Byju’s insolvency proceedings have been complicated by litigation involving several stakeholders and disputes over the company’s assets and liabilities.
The objective of the corporate insolvency resolution process is to provide a structured mechanism through which a financially distressed company can either be revived through an approved resolution plan or, if resolution is unsuccessful, move toward liquidation.
For Byju’s, the process has been particularly complicated because of the size of its business, its various subsidiaries and assets, and disputes involving creditors.
The resolution professional has therefore had to navigate both the commercial process of finding value in the company’s assets and the legal challenges surrounding the insolvency proceedings.
Insolvency Process
Byju's Parent Company
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Corporate Insolvency Resolution Process
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├──► Identify and verify claims
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├──► Manage company operations
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├──► Monetise / preserve assets
│
├──► Seek resolution proposals
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└──► Resolve creditor claims
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NCLT Decision
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┌───────┴────────┐
▼ ▼
Resolution Liquidation
Plan
The purpose of extending the process is to provide additional time where the resolution cannot be completed within the applicable period.
Legal Battles Have Delayed The Process
The latest application comes against the backdrop of prolonged legal disputes involving Byju’s.
The resolution professional told the NCLT that multiple court battles had contributed to delays. Those proceedings have affected the ability to move quickly on asset monetisation, one of the key tasks in determining how much value can ultimately be recovered for creditors.
Byju’s insolvency case has previously involved proceedings before the NCLT, the National Company Law Appellate Tribunal and the Supreme Court, with different stakeholders challenging aspects of the insolvency process.
The litigation has made the company’s restructuring significantly more complicated than a straightforward financial resolution.
Asset Monetisation Is A Critical Challenge
One of the biggest tasks facing the resolution professional is converting Byju’s remaining assets and business interests into value for creditors.
Byju’s built a large portfolio of education businesses and acquired several companies during its rapid expansion. Some of these assets have subsequently faced financial difficulties, while the value of the overall business has fallen dramatically from its peak.
Asset monetisation therefore requires identifying viable businesses or intellectual property, finding potential buyers and completing transactions while navigating legal restrictions associated with the insolvency process.
Why Asset Monetisation Matters
| Step | Importance |
|---|---|
| Identify assets | Establishes what can potentially be sold |
| Value assets | Determines expected recovery |
| Find buyers | Converts assets into cash |
| Complete transactions | Generates funds for creditors |
| Distribute recoveries | Determines creditor outcomes |
The longer the process takes, the greater the importance of preserving the value of the underlying businesses and assets.
Byju’s Has Fallen Far From Its Peak
The insolvency process represents a dramatic reversal for Byju’s.
The edtech company was once India’s most valuable startup and reached a valuation of about $22 billion in 2022. Its rapid expansion was driven by aggressive acquisitions and strong demand for online education.
The company subsequently faced mounting financial and operational problems, including disputes with lenders, governance concerns, losses and difficulties servicing its obligations.
Byju’s Rise And Fall
2022
~$22B valuation
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Rapid expansion + acquisitions
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Financial and legal disputes
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Insolvency proceedings
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2026
Resolution process continues
The contrast between the company’s former valuation and its current insolvency proceedings underscores the scale of the collapse.
What The 90-Day Extension Could Mean
If the NCLT grants the requested extension, the resolution professional would receive additional time to advance the insolvency process.
The extra period could be used to address outstanding legal issues, pursue asset monetisation and work toward a resolution that maximises recovery for creditors.
However, an extension does not guarantee that Byju’s will ultimately be revived. It simply provides additional time for the resolution process to continue.
Possible Outcomes
| Outcome | What It Would Mean |
|---|---|
| Resolution plan approved | Byju’s could emerge from insolvency under a new ownership or restructuring arrangement |
| Additional negotiations | Creditors and potential investors continue discussions |
| Asset monetisation | Individual businesses or assets are sold to generate recoveries |
| No viable resolution | Company could eventually move toward liquidation |
The eventual outcome will depend on the value that can be recovered from Byju’s businesses and the proposals available to creditors.
NCLT’s Decision Will Be Important
The Bengaluru NCLT bench will now consider the resolution professional’s request for another 90 days.
Under India’s insolvency framework, an extension can be sought when the resolution process cannot be completed within the initial period and the relevant requirements are satisfied. IBBI regulations provide that the committee of creditors can instruct the resolution professional to seek an extension from the adjudicating authority.
The law generally provides for an initial 180-day resolution period, with the possibility of a further extension of up to 90 days under specified conditions.
That makes the NCLT’s decision particularly important for determining how much additional time the current process receives.
Creditors Remain Central To The Outcome
The ultimate purpose of the insolvency process is to maximise value for creditors while attempting to preserve the company as a going concern where possible.
For Byju’s creditors, the extension could provide more time to pursue recoveries. But creditors must also weigh the benefits of additional time against the costs and risks associated with keeping a prolonged insolvency process active.
The value of Byju’s businesses can also change during the process. Delays may create additional challenges in maintaining operations, retaining employees and preserving customer relationships.
Byju’s Case Highlights Risks In India’s Startup Ecosystem
The collapse of Byju’s has become one of the most prominent examples of the risks associated with rapid startup expansion.
The company raised billions of dollars during the technology investment boom and used substantial capital to expand its education business through acquisitions. When funding conditions changed and growth slowed, the financial structure became increasingly difficult to sustain.
The insolvency proceedings have since demonstrated the complexity of unwinding a large technology company with multiple subsidiaries, creditors and legal claims.
Byju’s From Growth To Insolvency
| Phase | Development |
|---|---|
| Early growth | Rapid expansion of online education |
| Funding boom | Major venture-capital investments |
| Peak valuation | ~$22 billion |
| Expansion | Multiple acquisitions |
| Financial stress | Rising losses and debt obligations |
| Legal disputes | Battles with lenders and other stakeholders |
| Insolvency | Think & Learn enters CIRP |
| Current stage | 90-day extension sought |
The Broader Impact On India’s Startup Market
Byju’s insolvency has also become a cautionary example for India’s startup ecosystem.
Investors and founders are increasingly under pressure to balance growth with sustainable economics. Large valuations can provide access to capital, but they do not guarantee that a company can generate sufficient cash flow to support rapid expansion.
The case has also highlighted the importance of governance, financial reporting, debt management and due diligence during periods of aggressive growth.
For creditors and investors, the outcome of Byju’s insolvency could provide lessons about how startup assets are valued and recovered when a high-growth company enters financial distress.
The Bigger Picture
Byju’s latest request for a 90-day extension shows that the company’s insolvency remains far from a simple resolution. The initial 180-day period has expired after accounting for court-ordered exclusions, but legal disputes and difficulties in monetising assets have prevented the process from reaching a final conclusion.
The case remains significant for India’s startup and insolvency ecosystem because of Byju’s former $22 billion valuation, its extensive acquisition history and the number of stakeholders involved. The eventual outcome will determine how much value creditors can recover and whether any meaningful part of the once-dominant edtech business can be preserved.
Looking Ahead
The immediate focus will be on the Bengaluru NCLT’s decision on the resolution professional’s request for another 90 days. If approved, the additional period could give EY’s Shailendra Ajmera more time to resolve outstanding legal issues, monetise assets and pursue the best possible outcome for creditors.
The broader question is whether additional time can translate into a viable resolution for Byju’s. The company has already moved a long way from its peak valuation, and the longer the insolvency process continues, the more important it becomes to preserve the value of its remaining businesses and assets. The next 90 days could therefore be crucial in determining whether Byju’s can achieve a structured resolution or move closer to liquidation.
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