The Manipal Education and Medical Group India Pvt Ltd (MEMG India), led by Dr Ranjan Pai, has formally submitted an Expression of Interest (EOI) to participate in the ongoing corporate insolvency resolution process (CIRP) of Think & Learn Pvt Ltd (TLPL), the parent company of edtech firm Byju’s. The filing makes MEMG the first and so far the only entity to express interest in the resolution of the debt-ridden company.

According to documents shared with the Resolution Professional (RP), MEMG has asked to be included in the list of prospective resolution applicants (PRAs). It has also sought access to TLPL’s financial, operational and legal information in order to evaluate whether it can submit a viable resolution plan. The submission comes after the RP extended the deadline for EOIs to 13 November 2025.

What MEMG has submitted

In its filing, MEMG confirmed that it meets all eligibility criteria under the Insolvency and Bankruptcy Code (IBC), 2016, including compliance with Section 29A, which bars certain categories of individuals and companies from bidding. The group has submitted all required undertakings, confidentiality agreements and e-stamped documents as part of its application.

The EOI does not guarantee that MEMG will be shortlisted. The RP will screen all applications and prepare a provisional list of PRAs, followed by a final list after verification and approval from the Committee of Creditors (CoC).

What happens next in the insolvency process

The insolvency proceedings are being conducted under the supervision of the National Company Law Tribunal (NCLT). The CoC will examine prospective applicants and later assess resolution plans to determine the best proposal for the revival or restructuring of TLPL.

If shortlisted, MEMG will be invited to submit a detailed resolution plan, outlining how it intends to take over, revive or restructure the company’s operations and financials.

According to industry sources, MEMG is currently the sole applicant, although more expressions of interest may be accepted until the RP closes the window.

Why MEMG’s interest matters

MEMG’s move is seen as strategically significant because it owns a majority stake in Aakash Educational Services Ltd (AESL), which TLPL acquired in 2021. Despite subsequent disputes, TLPL continues to hold nearly 25 per cent in Aakash.

A successful resolution of TLPL may help consolidate AESL’s ownership and align Aakash more closely with MEMG’s broader education portfolio. The development also comes in the backdrop of a contentious rights issue at Aakash, which led to legal challenges from TLPL’s creditors.

The RP of TLPL and Glas Trust Co. LLC — which holds a 99 per cent voting share in TLPL’s CoC — had opposed the rights issue, arguing that TLPL did not have sufficient funds to participate. However, the NCLT and later the National Company Law Appellate Tribunal (NCLAT) dismissed these objections. The Supreme Court upheld those rulings, permitting the rights issue to go ahead.

A crucial phase for Think & Learn

Think & Learn, once among India’s most valuable startups, has been facing mounting financial strain and legal challenges. The insolvency proceedings aim to identify a resolution plan that can either revive the company or provide a structured outcome for creditors.

With MEMG becoming the first potential applicant, the next stage of the CIRP is expected to focus on due diligence, data access and final shortlisting of resolution applicants.