NCLT Bengaluru dismissed IA No. 82/2026 filed by Aakash Educational Services Limited seeking dismissal of GLAS Trust Company LLC's impleadment application.
AESL raised concerns over INR 25.75 crore funding from TLPL for rights issue, citing potential FEMA violations from foreign debenture subscription.
The tribunal dismissed related applications IA No. 1111/2025 and IA No. 44/2026, rendering AESL's plea infructuous.
The order maintains that GLAS, as CoC member, must act through Resolution Professional under IBC framework.