The Supreme Court on Monday dismissed a plea filed by Glas Trust, the largest US-based creditor of Think & Learn Pvt Ltd (TLPL), challenging the National Company Law Appellate Tribunal’s (NCLAT) order that permitted Aakash Educational Services Ltd (AESL) to hold its Extraordinary General Meeting (EGM) for a rights issue.

A bench of Justices P.S. Narasimha and A.S. Chandurkar upheld the October 28 order of the NCLAT, which had refused to grant an injunction sought by Glas Trust against AESL’s proposed rights issue.

In its October 28 order, a two-member bench of the Chennai-based NCLAT had observed that it “hardly finds a reason to hold that Glas Trust has established a prima facie case for granting an injunction.” The tribunal emphasised that while the Insolvency and Bankruptcy Code (IB

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