BCCI tells NCLT that it will move application for withdrawal of insolvency plea against Byju’s

BCCI to withdraw insolvency plea against Byju's after Supreme Court sets aside NCLAT judgement, NCLT hearing scheduled.

The Board of Control for Cricket in India (BCCI) on Tuesday (November 12, 2024) told the National Company Law Tribunal (NCLT), Bengaluru that it would move an application for withdrawal of its insolvency plea against ed-tech firm Byju’s.

Last month, Supreme Court had set aside a judgement of the National Company Law Appellate Tribunal (NCLAT) allowing a ₹158 crore settlement between ed-tech firm Byju’s with the Board of Control for Cricket in India (BCCI), noting that there was “grave deviation from procedure” in bringing the case to the NCLAT itself.

The NCLAT had set aside the insolvency proceedings against Byju’s parent Think & Learn Private Limited. Byju’s U.S.-based creditor Glas Trust Company LLC had moved the apex Court against the NCLAT verdict.

The settlement was offered by Riju Raveendran, brother of Byju Raveendran from his personal assets.

On Tuesday (November 12, 2024), BCCI told the NCLT that it has communicated to Byju’s resolution professional to move an application for withdrawal of the insolvency plea and it would be done in a couple of days.

Meanwhile, Glas Trust sought for removal of the resolution professional and re-constitution of committee of creditors and its views also be heard as per the directions of the apex court.

NCLT directed all parties to make their pleadings within the next three days and posted the case for hearing on Monday.