Adding a new chapter to the months of drama surrounding BYJU’S insolvency case, the Bengaluru insolvency court has approved appointment of Shailendra Ajmera as the new resolution professional to navigate the edtech startup’s bankruptcy proceedings, according to a report by Mint.

Ajmera will be replacing Pankaj Shrivastava whose conduct was deemed as “unfit” and “improper” by the National Company Law Tribunal (NCLT) for an officer of the tribunal.

This comes after the edtech company’s committee of creditors (CoC) reportedly passed . Srivastava was accused by BYJU’S creditors Glas Trust and Aditya Birla Finance of by not including them in the then CoC.

Retaliating to this, Srivastava moved the National Company Law Appellate Tribunal (NCLAT) challenging the NCLT’s order. He alleged that he wasn’t given a fair opportunity to be heard.

Besides, the NCLT in January also ordered to dissolve the CoC formed by Srivastava. However, following this, the BYJU’s director also moved to NCLAT to reinstate their lenders as financial creditors as well as to .

More recently, it was reported that the NCLAT has refused to grant interim relief to BYJU’S suspended director Riju Ravindran, who sought to block the edtech company’s CoC from reviewing the to settle its insolvency dispute with the company.

BYJU’S, which was once valued at $22 Bn, has been facing significant financial challenges, leading to insolvency proceedings. The company has struggled with debt repayment, particularly to major creditors like Glas Trust and Aditya Birla Finance.

The Supreme Court last year heard an appeal filed by Glas Trust against the NCLAT order that halted bankruptcy proceedings against BYJU’S. The hearing resulted in the apex court also reversing NCLAT’s previous order allowing a settlement dispute between BYJU’S and the BCCI.

BYJU’S is not only plagued by financial woes in India but also faces legal disputes in the US.

Last month, a federal judge held BYJU’S top executive in contempt for violating a US court order. The duo refused to answer questions about their roles in seizing assets from BYJU’S US-based subsidiaries — Epic! and Tangible Play.

Last year, Nebraska-based businessman William R Hailer alleged in court that Raveendran tried to regain control of its US subsidiary Epic! .

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