In a development that could reshape India’s edtech landscape, Manipal Education and Medical Group (MEMG) India Pvt Ltd, led by Dr Ranjan Pai, has formally entered the corporate insolvency resolution process (CIRP) of Think & Learn Pvt Ltd (TLPL), the parent entity of embattled edtech major Byju’s.
This move positions MEMG at the center of one of the most closely watched insolvency proceedings in India’s startup ecosystem.
Credits: Moneycontrol
What Exactly Has MEMG Filed?
MEMG has submitted a detailed Expression of Interest (EOI) to the Resolution Professional (RP) overseeing TLPL’s insolvency.
Through this filing, the Manipal Group has:
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Sought inclusion in the list of prospective resolution applicants (PRAs)
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Requested access to TLPL’s financial and operational data
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Certified that it meets all eligibility norms under the Insolvency and Bankruptcy Code (IBC), 2016
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Submitted all required undertakings, confidentiality agreements, and e-stamped documents
Importantly, MEMG has affirmed compliance with Section 29A of the IBC — a stringent clause that bars wilful defaulters, related parties of insolvent firms, and certain other categories from bidding.
This is also MEMG’s second submission, after the RP extended the EOI deadline to November 13, 2025, suggesting a sustained and serious interest in the process.
What Happens Next in the Insolvency Process?
With EOIs now received, the Resolution Professional will begin the next set of procedural steps:
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Review all EOIs submitted
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Release a provisional list of prospective resolution applicants
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Finalise the list after verification and approval from the Committee of Creditors (CoC)
It’s worth noting that submitting an EOI does not guarantee shortlisting. Applicants must pass both eligibility checks and CoC expectations before being granted access to company data and invited to submit a resolution plan.
However, sources indicate that MEMG is the only entity to have submitted an EOI so far — placing the group in a unique and potentially advantageous position.
The entire process is being supervised by the National Company Law Tribunal (NCLT), which aims to identify a financially viable plan to either revive or restructure Byju’s parent company.
Why This Matters for the Manipal Group
This move is more than opportunistic — it is highly strategic.
MEMG owns a majority stake in Aakash Educational Services Ltd (AESL), the test-prep giant that Byju’s acquired in 2021 through a complex cash-and-stock deal. Despite the acquisition, TLPL still holds around 25% in Aakash.
By participating in TLPL’s insolvency process, Manipal could:
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Consolidate ownership of Aakash
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Remove a distressed shareholder from the cap table
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Strengthen its position in India’s booming offline + online education market
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De-risk Aakash from Byju’s ongoing legal and financial turmoil
Given the scale and profitability of Aakash, gaining full control through a CIRP-led resolution could be transformative for Manipal’s education portfolio.
The Legal Drama Behind the Scenes
MEMG’s move also follows months of litigation around Aakash’s recent rights issue.
TLPL’s RP and Glas Trust Co. LLC, which holds 99% of the voting share in TLPL’s CoC, had objected to the rights issue, arguing that TLPL lacked funds to participate and would be diluted.
However:
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NCLT dismissed the petitions
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NCLAT upheld the ruling
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And finally, the Supreme Court validated the orders, clearing the way for Aakash to continue with its capital-raising plans
This legal clarity has further strengthened Manipal’s position and eliminated a key overhang in the process.
Credits: The Economic Times
A Pivotal Moment for India’s Edtech Sector
Byju’s CIRP is unprecedented: it is the first major Indian unicorn to undergo insolvency proceedings.
With MEMG now stepping into the arena, the outcome could reshape the balance of power in India’s education sector. Whether Manipal eventually emerges as the successful resolution applicant remains to be seen — but its entry has already raised the stakes dramatically.
One thing is clear: the Byju’s saga is far from over, and Manipal may be preparing to script its next big chapter.
