Except in English that is bad grammar because "there" is not a subject. "There" can never be a subject, even if it's the first word in the sentence or the only word before the verb. Rather, "there" is a demonstrative pronoun or (more likely?) an adverb of location. So, your sentence should instead read "There are no students in this classroom" in order to make agreement in number (singular versus plural) between the subject "students" and the verb "are."
You could change the syntax (i.e. word order) of the sentence entirely to read as "No students are there in this classroom," and it would mean exactly the same thing, but it would then make the subject appear before the verb, according to the pattern that English sentences usually take.