Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal (NCLT) order, which admitted his parent company Think and Learn Private Limited (TLPL), into the insolvency resolution process.A single judge bench of Justice S R Krishna Kumar disposed of the matter after it was informed that a special bench is constituted...
The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal (NCLT) order, which admitted his parent company Think and Learn Private Limited (TLPL), into the insolvency resolution process.
A single judge bench of Justice S R Krishna Kumar disposed of the matter after it was informed that a special bench is constituted by National Company Law Appellate Tribunal (NCLAT) and which heard the matter today and further hearing is to continue on Wednesday. The court granted liberty to the petitioner to revive the petition if the occasion arises.
NCLT started bankruptcy proceedings against Think and Learn on July 16. The insolvency proceedings were triggered by a plea from the Board of Control for Cricket in India (BCCI) over unpaid dues amounting to Rs 158 crore.
The tribunal appointed Pankaj Srivastava as the interim resolution professional (IRP) to oversee the company's operations during the insolvency process. The IRP's role includes forming a committee of creditors (CoC) to address the company's financial obligations.
The CoC, once established, will have up to 330 days to find a resolution for the company's debts, potentially inviting bids from interested parties to buy the company. The primary objective of this process is to revive the company by recovering the dues. If the CoC fails to find a buyer, the tribunal may order the liquidation of Byju's.
Case Title: Byju Raveendran And Think and Learn Pvt Ltd
Case No: WP 19938/2024
Citation No: 2024 LiveLaw (Kar) 343