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Rivals Manipal and upGrad Vie for Bankrupt Byju's Parent Firm
17 Nov
Summary
- Two major Indian education firms, Manipal Group and upGrad, have filed expressions of interest to acquire assets of Byju's bankrupt parent company
- Byju's parent, Think & Learn Pvt. Ltd (TLPL), is in a long-drawn insolvency process after defaulting on a $1.2 billion loan
- Creditors, including US lenders, will evaluate the competing bids based on factors like cash, funding, and treatment of stakeholders
As of November 17, 2025, two of India's biggest education companies, the Manipal Group and upGrad, have filed expressions of interest to acquire some or all of the assets of Think & Learn Pvt. Ltd (TLPL), the bankrupt parent company of the edtech firm Byju's. This sets the stage for a closely-watched insolvency battle at the National Company Law Tribunal (NCLT).
Valued at $22 billion at its peak in 2022, TLPL is now in the midst of a long-drawn insolvency process that has exposed years of aggressive expansion and governance lapses. The company had raised over $4 billion from global investors but faced a series of issues, including delays in filing audited financials, the resignation of its statutory auditor, and complaints about aggressive sales practices.
The biggest blow came when Byju's defaulted on its $1.2 billion term loan, triggering a fight with lenders led by GLAS Trust Company, now one of the largest financial creditors in the insolvency case. With over 1,700 creditors, the insolvency process will see the committee of creditors evaluate the competing bids from Manipal and upGrad based on factors like upfront cash, feasibility, the bidders' track record, and fair treatment of all stakeholders.
The winning resolution plan, which requires the approval of creditors holding at least 66% of the voting share, will then be sent to the NCLT for final approval. The fate of TLPL and its various stakeholders, including employees and vendors, now rests on how this high-stakes insolvency battle unfolds in the coming months.
