Byju’s Aakash stake settlement leaves creditors waiting
Think & Learn Pvt. Ltd, the parent of Byju’s, and Aakash Educational Services Ltd have settled their dispute over Aakash’s rights issue, the companies informed the National Company Law Tribunal earlier this week.
The deal is back in focus as international creditors seek to recover money owed by the insolvent edtech firm.The settlement terms have not been disclosed. Creditors still do not know how much of Aakash Think & Learn actually owns, or whether the stake can be monetized.
What changed in the Aakash dispute
Aakash conducted three rights issue rounds between November 2025 and March 2026. Byju’s subscribed, but Aakash did not allot all the shares for which Think & Learn had paid, citing concerns that the subscription money breached foreign-exchange and borrowing rules.
Think & Learn’s recorded stake fell from 25.75% to 10.99% after the first round, then stood at 13.72% on 31 March after some shares were allotted. Another 122.2 million shares, for which it had paid ₹ 61.12 crore, remained unallotted.
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The parties plan to file a joint application before the tribunal, but have not disclosed whether those shares will be issued under the settlement.
In fiscal 2026, Aakash reported consolidated revenue of ₹ 2,040.5 crore and a loss of ₹ 186.5 crore.
Why the stake matters to creditors
Think & Learn is in insolvency proceedings, and any confirmed Aakash stake would have to be addressed through the insolvency process or a resolution plan approved by creditors and the National Company Law Tribunal.
Aakash’s liabilities stood at ₹ 2,645 crore against assets of ₹ 2,206 crore. Its accounts included ₹ 939 crore in lease obligations and a ₹ 438 crore bank overdraft guaranteed by Manipal Health Systems Pvt. Ltd, while cash stood at ₹ 112 crore.
“Shares are not payment until they are sold,” said Patel of Gandhi Law Associates. The settlement could clarify how much of Aakash the insolvent edtech firm ultimately owns.
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