The insolvency appellate tribunal NCLAT on Tuesday gave a go-ahead to the EGM of Aakash Educational Services Ltd (AESL) for the rights issue of the company, while rejecting the plea of Glas Trust, the US-based largest creditor of Think & Learn Pvt Ltd (TLPL).
A two-member Chennai-based bench of NCLAT said it "hardly finds a reason to hold that Glas Trust has established a prima facie case for granting an injunction".
Rejecting the plea of Glas Trust, the National Company Law Appellate Tribunal (NCLAT) said the Insolvency & Bankruptcy Code (IBC) is a "blood thirsty" law that "authorises interference in the internal affairs of a company in which a Corporate Debtor (CD) may hold some shares".
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