BCCI Gets Adjournment In NCLAT Plea Against Byju's, Hinting At Settlement
The NCLAT was hearing a petition filed by Raveendran challenging the initiation of insolvency proceedings against Think & Learn, which runs the edtech company Byju's.
(Source: Tingey Injury Law Firm/ Unsplash)
The Board of Control for Cricket in India requested a one-day adjournment at the National Company Law Appellate Tribunal on Tuesday in the insolvency proceedings against edtech company Byju's, indicating ongoing negotiations and the possibility of a settlement between the two entities.
Solicitor General of India Tushar Mehta, who appeared on behalf of the world's richest cricket body, informed the tribunal that "some talks" are on. The tribunal accepted the request for adjournment.
Senior advocate Mukul Rohatgi appeared for US-based creditor Gas Trust LLC, which is claiming default on loans amounting to Rs 8,000 crore.
Byju's founder, Byju Raveendran,'s plea was listed before a new bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain.
Justice Sharad Kumar Sharma had recused himself from the hearing on Monday, citing that he had earlier appeared as the BCCI's counsel before his elevation.
The NCLAT was hearing a petition filed by Raveendran challenging the initiation of insolvency proceedings against Think & Learn Pvt., which runs Byju's.
The Bengaluru bench of the National Company Law Tribunal on July 16 admitted a plea filed by the BCCI and directed corporate insolvency resolution proceedings against the firm, once India's most valued startup with a net worth of $22 billion.
The BCCI had approached the NCLT after Byju's default on payment of Rs 158.9 crore.
The NCLT has suspended the board of Think & Learn Pvt., as per the provisions of India's Insolvency and Bankruptcy Code, and appointed an interim resolution professional to take care of the debt-ridden firm.
Byju's, at the time of admission of the BCCI plea by NCLT, said it was hopeful of reaching "an amicable settlement" with the BCCI. "... In the meantime, our lawyers are reviewing the order and will take the necessary steps to protect the company's interests," a company spokesperson said on July 16.
Raveendran challenged the NCLT order before the NCLAT. He had also approached the Karnataka High Court for relief, where he sought suspension of the NCLT order until the NCLAT heard the appeal.
(With Inputs From PTI)
