Supreme Court Seeks Response On Byju's Insolvency Case: BCCI And Riju Raveendran's Plea Against NCLAT Ruling
Supreme Court Seeks Response On Byju's Insolvency Case: BCCI And Riju Raveendran's Plea Against NCLAT Ruling
The Supreme Court seeks response from Byju's creditors and insolvency professionals on appeals challenging NCLAT's ruling on withdrawal of insolvency plea.
The Supreme Court takes a significant step in the ongoing insolvency case between the Board of Control for Cricket in India (BCCI) and Byju's parent company, Think & Learn Pvt Ltd. The apex court has issued a notice to Byju's creditors and insolvency resolution professionals, seeking their response to appeals filed by BCCI and Riju Raveendran.
The appeals were heard by a bench of Justices Vikram Nath and Sanjay Kumar, who demanded the responses of Byju's creditors and insolvency resolution professional.
The appeals challenge a decision by the National Company Law Appellate Tribunal (NCLAT), Chennai, which refused to allow BCCI to withdraw the insolvency case without prior approval from the Committee of Creditors (CoC). The NCLAT had held that since the CoC was in existence when the withdrawal application was filed, its approval was necessary.
The case began in July 2024 when the NCLT admitted BCCI's insolvency application against Byju's for unpaid dues of ₹158.90 crore. Despite a settlement between the parties, the financial creditor Glas Trust appealed, leading the Supreme Court to set aside the NCLAT order and direct BCCI to approach the NCLT afresh.
The Court stated that it will evaluate the prayer for temporary relief on the next hearing date, July 21, 2025.
In this case BCCI was represented by Solicitor General Tushar Mehta with Advocates R Sudhinder, Adity Chaudhary, Bhavya Mohan, Aastha Trivedi, Anjali Kutiyal, Anushka Sharma, Bhuvan Kapoor and Karthik from Argus Partners.
Byju's promoters were represented by Senior Advocates KK Venugopal and Maninder Singh with Advocates Ankur Talwar, V Shyamohan, Sradhaxna Mudrika, Anshika Bajpai, Vishal Sinha, Vrinda Baheti and Vishesh Goel. Meanwhile Glas Trust was represented by Senior Advocates Kapil Sibal and Krishnendu Datta, with Advocates Prateek Kumar, Raveena Rai, Moha Paranjpe, Siddhant Grover from Khaitan & Co.
Byju Raveendran was represented by Senior Advocates Guru Krishnakumar and Haripriya Padmanabhan.
