National Company Law Tribunal

BYJU’s Term Loan Lenders Initiate Corporate Insolvency Resolution Proceedings Against Think & Learn Pvt Ltd in India

Retrieved on: 
Thursday, January 25, 2024

The ad hoc group of term loan lenders (the “Ad Hoc Group”) of BYJU’s $1.2 billion term loans (“Term Loans”), announced today that GLAS Trust Company LLC (as administrative agent and collateral agent of the Term Loans) has filed a petition pursuant to section 7 of the Insolvency and Bankruptcy code of India, 2016 to initiate corporate insolvency resolution proceedings against Think & Learn Pvt Ltd (doing business as BYJU’s) (“Think & Learn” or “BYJU’s” or the “Company”) before the Bengaluru Bench of the National Company Law Tribunal (such proceedings being the “BYJU’s CIRP”).

Key Points: 
  • The ad hoc group of term loan lenders (the “Ad Hoc Group”) of BYJU’s $1.2 billion term loans (“Term Loans”), announced today that GLAS Trust Company LLC (as administrative agent and collateral agent of the Term Loans) has filed a petition pursuant to section 7 of the Insolvency and Bankruptcy code of India, 2016 to initiate corporate insolvency resolution proceedings against Think & Learn Pvt Ltd (doing business as BYJU’s) (“Think & Learn” or “BYJU’s” or the “Company”) before the Bengaluru Bench of the National Company Law Tribunal (such proceedings being the “BYJU’s CIRP”).
  • In connection with the petition filing, the Ad Hoc Group issued the following statement:
    “The myriad issues facing BYJU’s are entirely self-inflicted.
  • It is our belief now that BYJU’s management has no intention or ability of honoring its obligations under the Term Loans.
  • That said, we are hopeful that India’s corporate insolvency resolution process will help stabilize Think & Learn and result in implementing a resolution plan that accounts for the interests of all stakeholders.”
    View source version on businesswire.com: https://www.businesswire.com/news/home/20240125631287/en/

LTI and Mindtree to Start Operating as a Merged Entity From November 14, 2022

Retrieved on: 
Monday, November 14, 2022

LTIMindtree will thus become the fifth largest IT services company in India in terms of current market capitalization.

Key Points: 
  • LTIMindtree will thus become the fifth largest IT services company in India in terms of current market capitalization.
  • The Effective Date for the company to start operating as one entity is November 14, 2022.
  • As part of the merger, all shareholders of Mindtree will be issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree.
  • The Record Date to determine the eligible shareholders of Mindtree for issue of equity shares of LTI pursuant to the scheme is fixed as November 24, 2022.

Jalan-Kalrock Consortium Selects IBS Software to Power Passenger Service, Booking, and Loyalty Systems for Jet Airways

Retrieved on: 
Friday, August 5, 2022

DUBAI, UAE, Aug. 5, 2022 /PRNewswire/ -- The Jalan-Kalrock Consortium has selected IBS Software to power the relaunch of Jet Airways.

Key Points: 
  • DUBAI, UAE, Aug. 5, 2022 /PRNewswire/ -- The Jalan-Kalrock Consortium has selected IBS Software to power the relaunch of Jet Airways.
  • This selection will provide a range of technology platforms to support Jet Airways' relaunch as a people-focused airline for the digital age.
  • "Jet Airways is coming back determined to take technology, services, and customer experience to a new level.
  • IBS Software's solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management.

Jalan-Kalrock Consortium Selects IBS Software to Power Passenger Service, Booking, and Loyalty Systems for Jet Airways

Retrieved on: 
Friday, August 5, 2022

DUBAI, UAE, Aug. 5, 2022 /PRNewswire/ -- The Jalan-Kalrock Consortium has selected IBS Software to power the relaunch of Jet Airways.

Key Points: 
  • DUBAI, UAE, Aug. 5, 2022 /PRNewswire/ -- The Jalan-Kalrock Consortium has selected IBS Software to power the relaunch of Jet Airways.
  • This selection will provide a range of technology platforms to support Jet Airways' relaunch as a people-focused airline for the digital age.
  • "Jet Airways is coming back determined to take technology, services, and customer experience to a new level.
  • IBS Software's solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management.

Hughes and Airtel Form Joint Venture to Provide Satellite Broadband Services in India

Retrieved on: 
Wednesday, January 5, 2022

NEW DELHI and GERMANTOWN, Md., Jan. 4, 2022 /PRNewswire/ --Hughes Communications India Pvt Ltd, (HCIPL), a majority-owned subsidiary of Hughes Network Systems, LLC (HUGHES), an innovator in satellite and multi-transport technologies and networks for 50 years, and Bharti Airtel Limited ("Airtel"), India's premier communications solution provider, today announced the formation of a joint venture to provide satellite broadband services in India.

Key Points: 
  • NEW DELHI and GERMANTOWN, Md., Jan. 4, 2022 /PRNewswire/ --Hughes Communications India Pvt Ltd, (HCIPL), a majority-owned subsidiary of Hughes Network Systems, LLC (HUGHES), an innovator in satellite and multi-transport technologies and networks for 50 years, and Bharti Airtel Limited ("Airtel"), India's premier communications solution provider, today announced the formation of a joint venture to provide satellite broadband services in India.
  • With the combined capabilities of Airtel and Hughes, customers will get access to next generation satellite connectivity backed by proven enterprise grade security and service support."
  • HCIPL is a majority owned subsidiary of Hughes Network Systems, LLC (HUGHES), the leading global provider of broadband satellite networks and services.
  • Hughes supplies more than half the global satellite terminal market to leading satellite operators, in-flight service providers, mobile network operators and military customers.

Tanla announces un-audited financial results for Q1FY2021

Retrieved on: 
Wednesday, August 12, 2020

The Hyderabad bench of the Honorable NCLT, approved the merger of Karix Mobile Private Limited ("Karix") and Unicel Technologies Private Limited ("Unicel") with Tanla Corporation Private Limited ("Tanla") on June 30, 2020.

Key Points: 
  • The Hyderabad bench of the Honorable NCLT, approved the merger of Karix Mobile Private Limited ("Karix") and Unicel Technologies Private Limited ("Unicel") with Tanla Corporation Private Limited ("Tanla") on June 30, 2020.
  • As approved in the NCLT Order, Tanla shall be named as Karix subject to regulatory approvals.
  • As an impact of Merger, Goodwill amounting to 158.4 crore is now available as a tax allowable expense for Tanla.
  • Such statements do not guarantee future results or development and the actual results or outcomes may differ materially from those implied by the forward-looking statements.

Tanla announces un-audited financial results for Q1FY2021

Retrieved on: 
Wednesday, August 12, 2020

The Hyderabad bench of the Honorable NCLT, approved the merger of Karix Mobile Private Limited ("Karix") and Unicel Technologies Private Limited ("Unicel") with Tanla Corporation Private Limited ("Tanla") on June 30, 2020.

Key Points: 
  • The Hyderabad bench of the Honorable NCLT, approved the merger of Karix Mobile Private Limited ("Karix") and Unicel Technologies Private Limited ("Unicel") with Tanla Corporation Private Limited ("Tanla") on June 30, 2020.
  • As approved in the NCLT Order, Tanla shall be named as Karix subject to regulatory approvals.
  • As an impact of Merger, Goodwill amounting to 158.4 crore is now available as a tax allowable expense for Tanla.
  • Such statements do not guarantee future results or development and the actual results or outcomes may differ materially from those implied by the forward-looking statements.