Byju’s insolvency proceedings order: NCLAT Chennai judge recuses himself from hearing appeal
The Hindu
NCLAT Chennai Judicial Member recuses himself from hearing Byju's appeal against insolvency proceedings due to BCCI connection.
National Company Law Appellate Tribunal (NCLAT) Chennai Judicial Member Justice Sharad Kumar Sharma on July 29 recused himself from hearing an appeal by Byju Raveendran against the insolvency proceedings ordered against Think & Learn Private Limited, which runs Byju’s, citing that he has appeared for Board of Control for Cricket in India (BCCI) as senior counsel in number of cases.
He directed for the matter to be placed before NCLAT chairperson for nomination of appropriate Bench for hearing the case.
Also read: Byju’s woes: A timeline of the Indian edutech giant’s troubles at home and abroad
The National Company Law Tribunal (NCLT), Bengaluru, had ordered insolvency proceedings against Think & Learn Private Limited. The development came after the Board of Control for Cricket in India (BCCI) filed a petition claiming a default of ₹159 crore.
The NCLT had appointed Pankaj Srivastava as an interim resolution professional, who will oversee the management of Byju’s and power of board of directors was suspended for now.
Byju Raveendran, suspended director, promoter, & shareholder of Think & Learn Private Limited had moved NCLAT against the insolvency proceedings order. At the hearing on July 29, Justice Sharad Kumar Sharma said he is not proposing to take up the matter, as he has been appearing as senior counsel for BCCI. “So, I can’t hear the matter,” he said.
“I will not venture into this. I have been regular counsel for the BCCI in a number of cases”, Justice Sharad Kumar Sharma said and directed the case to be placed before NCLAT Chairperson for nomination of an appropriate Bench.
