NCLT Refuses to Stay Aakash Educational Services Rights Issue Request by Think & Learn RP

The National Company Law Tribunal (NCLT), Bengaluru bench, has rejected an application submitted by the resolution professional (RP) of Think & Learn Pvt Ltd to stay Aakash Educational Services Ltd’s (AESL) proposed rights issue. This marks a significant step in an ongoing corporate governance dispute amid insolvency proceedings.

NCLT Validates Aakash Educational Services Capital-Raising Move

On October 24, 2025, the NCLT ruled in favour of AESL, stating that its decision to raise funds via a rights issue is a legitimate and equitable exercise of its board’s powers. The move came after banks showed reluctance in extending further credit facilities due to ongoing shareholder disputes and a fragile financial position.

The tribunal clarified that such capital-raising actions are necessary for the company’s financial health and stability, and that the RP's challenge lacked sufficient basis to justify blocking it.

RP's Position and Tribunal's Observations

Shailendra Ajmera, the RP for Think & Learn, had sought an injunction against the scheduled extraordinary general meeting (EGM) and the board-sanctioned rights issue. However, the NCLT held that the RP’s inability to participate in the rights issue does not amount to oppression or undue prejudice under company law. The tribunal stated that disputes of this nature are internal shareholder matters that fall outside the RP's purview.

Read More: Reliance Retail Secures NCLT Approval for Future Supply Chain Takeover!

Access to Financial Documents Permitted, But No Right to Intervene

The tribunal affirmed the RP’s right to request financial documents as part of due diligence during ongoing insolvency proceedings. However, it was made clear that mere access to such records cannot be used as a reason to interfere with corporate decisions taken by AESL’s board in good faith.

Next Steps in Ongoing Legal Proceedings

The matter is scheduled for further hearing on November 12, 2025, with directions for all respondents to file written responses within 2 weeks of receiving notice. The RP will have an additional 2 weeks thereafter to submit a rejoinder if required.

Conclusion

The NCLT’s ruling reinforces the authority of AESL’s board to make financial decisions, even amid insolvency-related oversight. While the RP retains access rights to company data, the rights issue itself will proceed as planned without judicial interference for now.

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