Manipal Education submits EOI to bid for Byju's parent Think & Learn under insolvency process — What we know

Dr Ranjan Pai-led Manipal Education and Medical Group India (MEMG India) has submitted a formal Expression of Interest (EOI) to participate in the Corporate Insolvency Resolution Process (CIRP) of troubled edtech company Byju's parent Think & Learn, the company informed the exchanges on 13 November.

As per the documents filed with the Resolution Professional (RP), MEMG's EOI declares its interest in being included in Think & Learn's Prospective Resolution Applicants (PRAs) list to “examine the company’s financial and operational details for the purpose of evaluating a potential resolution plan”.

Notably, this is the second time that MEMG has submitted an EOI to take part in the resolution process after the deadline was extended by the RP to 13 November 2025.

Manipal Education submits EOI for Think & Learn: Details

• As per the EOI, MEMG has requested access to the information memorandum, virtual data room, evaluation matrix, and other CIRP-related information to assess the feasibility of preparing and submitting a resolution plan.
• The RP will review eligibility, issue a provisional list of PRAs and subsequently a final list, following verification and approval from the Committee of Creditors (CoC).
• While submission of the EOI does not guarantee shortlisting or approval for the next phase, the release noted that MEMG India seems to be the only applicant that has submitted an EOI for Think & Learn.
• The insolvency process for Think & Learn is before the National Company Law Tribunal (NCLT), with the RP responsible for inviting and evaluating resolution plans aimed at reviving or restructuring the company.

• As per the filings, MEMG's submission includes all statutory undertakings required under the Insolvency and Bankruptcy Code (IBC), 2016.
• The company has certified that it meets the eligibility norms for PRAs and is not disqualified under Section 29A of the IBC.
• MEMG has also submitted the necessary affidavits, confidentiality commitments and e-stamp executed documentation as part of the filing.

Ranjan Pai to infuse ₹250 crore in Aakash rights issue

This comes even as sources told Mint that Ranjan Pai’s family office, the largest shareholder in Aakash Educational Services (AESL), plans to invest around ₹250 crore in the ongoing ₹450-500 crore rights offer in tranches.

The statement from Manipal Group also noted that a successful resolution with Think & Learn will “help in business consolidation of AAKASH, in which Manipal has a majority shareholding”.