Byju’s suspended RP, former promoters move appellate tribunal NCLAT
The Hindu
Former Byju's RP challenges NCLT disciplinary action, while Riju Raveendran moves NCLAT against CoC reconstitution.
Former Resolution Professional of insolvency-bound edtech firm Byju’s has moved appellate tribunal NCLAT challenging disciplinary action recommended against him by the Bengaluru bench of NCLT.
Besides, former promoters of Byju’s and brother of Byju Raveendran — Riju Raveendran also moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT order restating Glas Trust and Aditya Birla Finance in the Committee of Creditors (CoC) of edtech firm.
Also read: How India’s Byju’s went from startup star to facing insolvency
Passing an order on January 29, the National Company Law Tribunal (NCLT) directed disciplinary proceedings against Byjus’ resolution professional and nixed his direction to exclude Glas Trust and Aditya Birla Finance from the edtech’s Committee of Creditors.
The matter came for hearing before the Chennai bench of NCLAT on Thursday (February 6, 2025). However, a member of the bench recused himself from the matter.
Justice Sarad Kumar Sharma recused from hearing as he was the counsel of BCCI which moved a petition against Byju's for recovery of dues.
Now matter has been referred to the Chairperson of the appellate tribunal, who will assign this matter to a new bench.
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