NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week
The National Company Law Appellate Tribunal (NCLAT), Chennai bench comprising Justice (retd) Rakesh Kumar Jain (Judicial Member) and Jatindranath Swain (Technical Member) have directed the National Company Law Tribunal (NCLT) to decide the application filed by Board of Control for Cricket in India (BCCI) to withdraw the corporate insolvency resolution process (CIRP) against Byju's within...
The National Company Law Appellate Tribunal (NCLAT), Chennai bench comprising Justice (retd) Rakesh Kumar Jain (Judicial Member) and Jatindranath Swain (Technical Member) have directed the National Company Law Tribunal (NCLT) to decide the application filed by Board of Control for Cricket in India (BCCI) to withdraw the corporate insolvency resolution process (CIRP) against Byju's within a week's time.
The Tribunal disposed of Riju Raveendran's (former Promoter of Byju's) appeal challenging the reinstatement of Glas Trust and Aditya Birla Finance into Byju's Committee of Creditors (CoC). Riju Raveendran had challenged the order dated 29.01.2025 passed by NCLT which directed disciplinary proceeding against Pankaj Srivastava, Resolution Professional (RP) of Think & Learn, Byjus' Parent Company.
In the petition before NCLAT, Riju Raveendran argued that the NCLT should not have reinstated the CoC when the matter for withdrawal of CIRP due to settlement with BCCI was pending. He stated that a settlement with the BCCI was arrived at even before the CoC was constituted. He also contended that the Supreme Court had granted them liberty to pursue appropriate Remedies following the settlement and NCLT's order for reconstitution of CoC goes against it.
The Tribunal directed the NCLT to decide the application (for withdrawal by BCCI) preferably in a week's time.
Case Title: Riju Raveendran v. Pankaj Srivastava
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