NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week
1 month, 1 week ago

NCLAT Orders NCLT To Decide BCCI's Plea For Settlement And Withdrawal Of CIRP Against Byju's Within One Week

Live Law  

The National Company Law Appellate Tribunal, Chennai bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain have directed the National Company Law Tribunal to decide the application filed by Board of Control for Cricket in India to withdraw the corporate insolvency resolution process against Byju's within a week's time. The Tribunal disposed of Riju Raveendran's appeal challenging the reinstatement of Glas Trust and Aditya Birla Finance into Byju's Committee of Creditors. Riju Raveendran had challenged the order dated 29.01.2025 passed by NCLT which directed disciplinary proceeding against Pankaj Srivastava, Resolution Professional 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.

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History of this topic

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
1 week, 3 days ago

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Barun Mitra and Arun Baroka disposed an appeal filed by a majority shareholder of the corporate debtor stating that the Section 7 application filed by financial creditors was fraudulently filed in collusion with the corporate debtors' promoters. NCLAT Judgement The National Company Law Appellate …

Byju’s US lender asks NCLAT to bar Aakash from amending articles of association
1 week, 4 days ago

Byju’s US lender asks NCLAT to bar Aakash from amending articles of association

Live Mint  

Glas Trust Co. LLC, the US lender of bankrupt edtech firm Byju’s, has moved the National Company Law Appellate Tribunal with a fresh plea that seeks to prevent Byju’s subsidiary Aakash Educational Services from amending its articles of association for restructuring and fundraising. On Tuesday the NCLAT agreed to hear the plea, issued a notice to Aakash and Byju’s resolution …

NCLAT upholds ICICI Sec delisting, dismisses appeal against NCLT order
Trending News
1 week, 6 days ago

NCLAT upholds ICICI Sec delisting, dismisses appeal against NCLT order

New Indian Express  

In a major relief for ICICI Bank and ICICI Securities, the National Company Law Appellate Tribunal on Monday dismissed petitions challenging ICICI Securities’ delisting process from the stock exchanges. A Delhi-based two-member NCLAT bench, comprising Justice Yogesh Khanna and Technical Member Ajay Das Mehrotra, dismissed petitions filed by Quantum Mutual Fund and Manu Rishi Gupta, a public shareholder. Quantum and …

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT
1 week, 6 days ago

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan, Barun Mitra and Arun Baroka, dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights with the prescribed timelines. NCLAT Judgement The National Company Law …

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT
2 weeks, 2 days ago

Operational Creditors Cannot Question Approval Of Resolution Plan That Provides Them With More Than Liquidation Value: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka that Resolution Plan approved by the Adjudicating Authority cannot be questioned by the Operational Creditors when they were provided more than the liquidation value under the Plan as per section 30 of the Insolvency and Bankruptcy Code, 2016. Contentions: The …

'I am the Byju of BYJU'S': Raveendran, CEO of bankrupt edtech demands probe into EY-Glas Trust ‘collusion’
3 weeks, 1 day ago

'I am the Byju of BYJU'S': Raveendran, CEO of bankrupt edtech demands probe into EY-Glas Trust ‘collusion’

Hindustan Times  

Byju Raveendran, the founder and CEO of the bankrupt edtech firm Byju’s, finally broke his silence, sharing an emotional post on LinkedIn. Raveendran also called for a “thorough investigation” into alleged collusion and fraud involving the firm’s lender Glas Trust, consultancy firm EY, and former resolution professional Pankaj Srivastava. “Me and several employees received a document with conclusive evidence of …

NCLAT sets aside Insolvency order against Coffee Day Enterprises
3 weeks, 2 days ago

NCLAT sets aside Insolvency order against Coffee Day Enterprises

The Hindu  

National Company Law Appellate Tribunal, Chennai, on Thursday set aside the insolvency proceedings against Coffee Day Enterprises Limited, which runs Cafe Coffee Day chain. In a stock exchange announcement, the company said the NCLAT allowed its appeal and set said the National Company Law Tribunal last year’s order initiating the insolvency proceedings. Siddhartha’s and Café Coffee Day’s rise through the …

Twist in Byju’s tale: resolution professional change pushed to March amid objections
3 weeks, 5 days ago

Twist in Byju’s tale: resolution professional change pushed to March amid objections

Live Mint  

The Bengaluru insolvency court on Monday deferred until 19 March its decision to approve the appointment of Shailendra Ajmera as the new resolution professional to take charge of the embattled ed-tech firm Byju’s, replacing the current RP, Pankaj Shrivastava. Byju’s Committee of Creditors, which consists of dissenting lenders such as GLAS Trust LLC and Aditya Birla Finance, had on 17 …

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement
1 month ago

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement

Live Mint  

Riju Raveendran, a suspended director of embattled edtech firm Byju’s, has approached the bankruptcy appeals court to prevent its creditors from deciding on a ₹158 crore settlement with India’s cricket board. The Bengaluru bench of the National Company Law Tribunal had on 10 February directed BCCI to submit the ₹158 crore settlement plea to the CoC for approval to facilitate …

NCLT asks BCCI to seek creditors’ nod for ₹158 crore Byju’s settlement
1 month, 1 week ago

NCLT asks BCCI to seek creditors’ nod for ₹158 crore Byju’s settlement

Live Mint  

The Bengaluru insolvency court on Monday directed the Board of Control for Cricket in India to submit a ₹158 crore settlement plea before the Committee of Creditors to obtain approval for its settlement with bankrupt edtech firm Byju’s in order to facilitate the company’s exit from insolvency. Byju’s sought a settlement after its suspended management cleared the ₹158 crore dues—an …

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's
1 month, 2 weeks ago

NCLAT Member Recuses From Hearing Appeal By Riju Ravindran Against Inclusion Of Aditya Birla, Glas Trust In CoC As Financial Creditors Of Byju's

Live Law  

Justice Sharad Kumar Sharma, Judicial Member of of the National Company Law Appellate Tribunal Chennai bench, has recused from hearing ed-tech start-up, Byjus' founder, Riju Raveendran's appeal against the order of the National Company Law Tribunal Bengaluru, which allowed Glas Trust and Aditya Birla Finance to be included in the Committee of Creditors as Financial Creditors of Think & Learn. …

Byju’s insolvency: Suspended directors challenge NCLT ruling reinstating lenders, cite prejudice
1 month, 2 weeks ago

Byju’s insolvency: Suspended directors challenge NCLT ruling reinstating lenders, cite prejudice

Live Mint  

Suspended directors of the bankrupt edtech firm Byju’s have approached the National Company Law Appellate Tribunal, challenging a Bengaluru insolvency court’s decision to reinstate its lenders as financial creditors while failing to rule on its ₹158 crore settlement with the Board of Control for Cricket in India. Why the settlement matters Had the NCLT approved Byju’s settlement with BCCI, the …

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal
1 month, 2 weeks ago

NCLT Orders Disciplinary Proceedings Against Resolution Professional Of BYJU's, Says He Acted With Prejudice To Mislead Tribunal

Live Law  

The National Company Law Tribunal, Bengaluru bench comprising Justice K. Biswal and Ravichandran Ramasamy have held that that as per the Insolvency and Bankruptcy Code, 2016, there is no provision to 'provisionally' constitute the Committee of Creditors ; the CoC once constituted is final and cannot be revised or reconstituted by the Interim Resolution Professional /Resolution Professional without the interference …

NCLT directs disciplinary proceedings against Byjus' resolution professional
1 month, 3 weeks ago

NCLT directs disciplinary proceedings against Byjus' resolution professional

The Hindu  

The National Company Law Tribunal on Wednesday ordered a disciplinary proceeding against Byjus' resolution professional and nixed his direction to exclude Glas Trust and Aditya Birla Finance from the edtech's Committee of Creditors. The tribunal also cancelled the reconstitution of the Committee of Creditors of Byju's, carried out by the Interim Resolution Professional on August 31, 2024, in which Srivastava …

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT
1 month, 3 weeks ago

Withdrawal Of Liquidation Application Can Be Permitted When CoC Allows RP To File Application Seeking Extension Of CIRP Time Period: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that when the CoC has already taken decision to file an application for extension of CIRP time period and granting permission to publish Form G for third time, withdrawal of liquidation application by Adjudicating Authority can be permitted. The Adjudicating Authority dismissed …

NCLT orders removal of Byju’s IRP, reinstates Aditya Birla Finance as financial creditor
1 month, 3 weeks ago

NCLT orders removal of Byju’s IRP, reinstates Aditya Birla Finance as financial creditor

Live Mint  

The National Company Law Tribunal on Wednesday ordered the removal of Bjyu's interim resolution professional. The NCLT's Bengaluru bench passed the order on the pleas of Byju's lenders, US-based Glass Trust Company and Aditya Birla Finance Ltd, who alleged fraud in creditor classification. Glass Trust, which provided Byju's with a $1.2-billion Term Loan B, and Aditya Birla Finance moved NCLT …

Commercial Wisdom Of CoC In Opting For Liquidation And Rejecting Resolution Plan Of Ineligible Applicant Is “Non-Justiciable”: NCLAT
2 months, 1 week ago

Commercial Wisdom Of CoC In Opting For Liquidation And Rejecting Resolution Plan Of Ineligible Applicant Is “Non-Justiciable”: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi has held that the commercial wisdom of the Committee of Creditors in rejecting a resolution plan and opting for liquidation is “non-justiciable”. On 03.04.2021, the Resolution Professional informed the Appellant via email that the resolution plan was not approved by the CoC due to non-compliance with Section 29A of the …

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT
2 months, 1 week ago

Appeal U/S 421 Of Companies Act Not Maintainable Against Interlocutory Order Permitting AGM, No Substantive Rights Affected: NCLAT

Live Law  

The National Company Law Appellate Tribunal has recently held that an appeal under Section 421 of the Companies Act, 2013, against an interlocutory order permitting holding of an Annual General Meeting without affecting the substantive rights of the appellants is not maintainable. The NCLAT bench presided over by Justice Sharad Kumar Sharma and Jatindranatha Swain], observed, "In fact, looking at …

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power
2 months, 1 week ago

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power

Live Mint  

New Delhi, Jan 12 The National Company Law Appellate Tribunal has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal, while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes …

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT
2 months, 2 weeks ago

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that once resolution plan including revised plan submitted by the resolution applicant is disapproved by the CoC, a fresh plan can be submitted by the same resolution applicant in a freshly issued invitation to expression of interest. IA No.1891 of 2024 was filed by the …

NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution
2 months, 2 weeks ago

NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain, considering the peculiar situation where the civil suit was dismissed as withdrawn three days after the company petition under section 59 of the Companies Act was dismissed, directed the revival of company petition. The appellant also filed another civil suit in Civil Court Senior Division, Pune in RCS …

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network
2 months, 3 weeks ago

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network

Live Mint  

New Delhi, Dec 23 The NCLAT on Monday set aside a batch of appeals filed against the NCLT order approving bids of Sapphire Media for Reliance Broadcast Network Ltd. The National Company Law Appellate Tribunal upheld the order of the Mumbai Bench of the NCLT, which had on May 6, 2024 approved the resolution plan of Sapphire Media for Reliance …

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
2 months, 3 weeks ago

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey have reiterated that once the Committee of Creditor has approved the resolution plan, then no claim is to be entertained. Counsel for the Respondent stated that IBC is a time-bound process and drew attention to the case of M/s RPS Infrastructure Ltd. vs. …

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT
3 months ago

Non-Admission Of Claim By Resolution Professional Cannot Be Challenged First Time In Appeal Before Appellate Tribunal: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Arun Baroka has held that non admission of claim in the Resolution Plan by the Resolution Plan if not challenged before the Adjudicating Authority cannot be challenged in the appeal before the NCLAT. The same Resolution Plan of Respondent Nos.2 and 3 approved by the Adjudicating Authority on 28.11.2019 …

IBC Weekly Round Up [2nd December To 8th December, 2024]
3 months, 1 week ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

Live Law  

Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case
3 months, 2 weeks ago

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case

Live Mint  

New Delhi: Riju Raveendran, the largest shareholder of edtech company Byju’s and brother of founder Byju Raveendran, approached the insolvency tribunal on Monday, seeking to be included in the insolvency case deliberations involving the troubled firm, its lenders and the cricket board. They argued that the settlement was tainted as it involved stolen money and questioned how Riju Raveendran could …

CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT
4 months ago

CoC Has Authority To Modify Resolution Plan To Comply With Directions Of Supreme Court: NCLAT

Live Law  

The NCLAT has affirmed that the CoC is empowered to modify the resolution plan in order to comply with the directions issued by the Supreme Court. Hon'ble Supreme Court vide Order dated 22.01.2024 allowed the Civil Appeals filed by the Excise & Taxation Officer, Officer-Cum-Assessing Authority setting aside the Order dated 22.03.2022 passed by the Appellate Tribunal in view of …

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection
4 months ago

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection

Live Law  

The NCLAT bench comprising Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has allowed the refund of pre-Corporate Insolvency Resolution Process electricity dues paid by the Successful Resolution Applicant. Thus the pre-CIRP dues by the appellant were paid under protest and under protection of the order of NCLT and thus it related to the revival of the Corporate Debtor in …

BCCI seeks withdrawal of insolvency proceedings against Byju’s
4 months, 1 week ago

BCCI seeks withdrawal of insolvency proceedings against Byju’s

Live Mint  

The Board of Control for Cricket in India on Tuesday sought an urgent hearing for its plea to withdraw an insolvency case against edtech firm Byju’s. The BCCI’s counsel requested that the NCLT in Bengaluru prioritize the withdrawal application, arguing that if the withdrawal is granted, it would render other pleas, such as those by US-based Glas Trust and Aditya …

'No Political Appointments' : Supreme Court Decries Poor Functioning Of NCLTs/NCLAT, Says Members Often Lack Domain Knowledge
4 months, 2 weeks ago

'No Political Appointments' : Supreme Court Decries Poor Functioning Of NCLTs/NCLAT, Says Members Often Lack Domain Knowledge

Live Law  

In the judgment ordering the liquidation of Jet Airways, the Supreme Court made several critical remarks against the abysmal functioning of the National Company Law Tribunals and the National Company Law Appellate Tribunal benches.Slamming the "growing tendency" of the NCLT and NCLAT members to ignore the orders of the Supreme Court, the Court stated that only persons of impeccable. In …

No political appointments in NCLT, NCLAT: SC
4 months, 2 weeks ago

No political appointments in NCLT, NCLAT: SC

Hindustan Times  

The Supreme Court on Thursday emphasised that appointments to the National Company Law Tribunal and the National Company Law Appellate Tribunal must not be “political”, even as it voiced serious concerns over delays and inefficiencies affecting India’s insolvency process. In its judgment that ordered the liquidation of debt-ridden Jet Airways, the top court addressed a raft of issues regarding the …

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order
5 months, 3 weeks ago

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order

The Hindu  

The Supreme Court on Thursday reserved its judgment on an appeal filed by of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal allowing the ed-tech firm Byju’s to pay a settlement amount of ₹158 crore to the Board of Control for Cricket in India. During back-to-back hearing in the case, the apex …

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's
5 months, 3 weeks ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT, setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues …

Byju's insolvency proceedings case: Supreme Court to hear plea on September 17
6 months, 1 week ago

Byju's insolvency proceedings case: Supreme Court to hear plea on September 17

The Hindu  

The Supreme Court on Wednesday said it will hear on September 17 the appeal of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal, which had stayed insolvency proceedings against ed-tech firm BYJU’s and approved its ₹158.9 crore dues settlement with the Board of Control for Cricket in India A Bench comprising Chief …

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's
6 months, 2 weeks ago

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J …

NCLT defers ruling on Glas Trust’s plea
6 months, 2 weeks ago

NCLT defers ruling on Glas Trust’s plea

New Indian Express  

NEW DELHI: The Bengaluru bench of the National Company Law Tribunal has deferred its decision on a petition by US-based lender Glas Trust that seeks a stay on further meetings of the committee of creditors. Glas Trust has been removed from the CoC by Pankaj Srivastava, interim resolution professional. The steering committee of the ad-hoc group of term loan lenders …

Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel
6 months, 2 weeks ago

Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel

New Indian Express  

BENGALURU: Byju's insolvency resolution professional Pankaj Srivastava has removed the edtech company's US-based lender Glas Trust from the committee of creditors. They said no interim resolution professional in the history of the Insolvency and Bankruptcy Code of India has ever attempted to unlawfully strip financial creditors of claims of this magnitude amounting to more than USD 1.35 billion without any …

SC refuses to stay CoC operations in Byju’s insolvency case
6 months, 3 weeks ago

SC refuses to stay CoC operations in Byju’s insolvency case

Hindustan Times  

The Supreme Court on Thursday declined to stay the operations of a recently formed Committee of Creditors overseeing the corporate insolvency resolution process initiated against the embattled ed-tech giant Byju’s, stating that the court would examine the merits of the case before issuing any further orders. By an order on August 14, the top court suspended the National Company Law …

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
7 months ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

Live Law  

The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

Supreme Court Stays NCLAT Order Allowing BCCI-BYJU's Settlement Worth Rs 158 Crore
7 months, 1 week ago

Supreme Court Stays NCLAT Order Allowing BCCI-BYJU's Settlement Worth Rs 158 Crore

ABP News  

Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal order that allowed Board of Control for Cricket in India to settle its dues with Byju on latter paying Rs 158 crore. On August 2, the NCLAT Chennai Bench allowed settlement between BCCI and Byju which involves the repayment of Rs 158 crores to the BCCI. Folllowing this order …

Supreme Court pauses appeals tribunal's order on Byju's-BCCI settlement
7 months, 1 week ago

Supreme Court pauses appeals tribunal's order on Byju's-BCCI settlement

India Today  

The Supreme Court on Wednesday put a hold on the National Company Law Appellate Tribunal's decision to approve the Rs 158.9 crore settlement between edtech giant Byju's and the Board of Control for Cricket in India. Solicitor General Tushar Mehta, representing the BCCI, expressed concerns that the stay would impact the BCCI's settlement with Byju's. Despite this, the court directed …

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI
7 months, 3 weeks ago

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI

The Hindu  

National Company Law Appellate Tribunal Chennai on Wednesday told Byju Raveendran to file details of the source of funds through which he is proposing to settle the dues to Board of Control for Cricket in India. Byju Raveendran, the suspended director, shareholder and promoter of the edtech company had moved an appeal against NCLAT, after the National Company Law Tribunal, …

Byju’s, BCCI in settlement talks to avoid insolvency proceedings
7 months, 3 weeks ago

Byju’s, BCCI in settlement talks to avoid insolvency proceedings

New Indian Express  

BENGALURU: Edtech firm Byju’s and the Board of Control for Cricket in India are in ‘discussions’ to settle their dispute. Meanwhile, the Karnataka High Court disposed of the petition filed by Byju Raveendran seeking the insolvency proceedings to be suspended. On July 16, the NCLT, Bengaluru bench, admitted an insolvency plea filed by the BCCI against Byju’s over a Rs …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
7 months, 3 weeks ago

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings

Live Law  

The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal order, which admitted his parent company Think and Learn Private Limited, 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 …

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest
7 months, 3 weeks ago

Justice Sharad Kumar Sharma Recuses Himself From Byju Raveendran's Insolvency Appeal Due To Conflict Of Interest

Live Law  

Justice Sharad Kumar Sharma, a Judicial Member of the National Company Law Appellate Tribunal Chennai, has recused himself from hearing Byju Raveendran's appeal against the insolvency proceedings initiated against Think & Learn Private Limited, which operates Byju's. The insolvency proceedings were initiated against Think & Learn Private Limited by the National Company Law Tribunal in Bengaluru. Justice Sharma stated that …

NCLT admits insolvency proceedings against Byju’s
8 months ago

NCLT admits insolvency proceedings against Byju’s

New Indian Express  

BENGALURU: The National Company Law Tribunal, Bengaluru bench, on Tuesday admitted an insolvency petition filed by the Board of Control for Cricket in India against edtech firm Byju’s over a Rs 158 crore debt. Byju’s, reached its peak valuation of $22 billion in 2022, has to face insolvency proceedings. According to sources, Byju’s is planning to challenge the order at …

NCLT starts insolvency proceedings against Byju's
8 months ago

NCLT starts insolvency proceedings against Byju's

The Hindu  

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts …

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm
8 months, 1 week ago

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm

Live Mint  

Gurugram-based Surfer Technologies told the Bengaluru bench of the National Company Law Tribunal on Wednesday that it has reached an amicable settlement with Byju’s and hinted that it would withdraw its insolvency application against the edtech firm. On 7 February, Surfer Technologies had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which allows an operational …

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC
8 months, 1 week ago

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC

Live Law  

The National Company Law Tribunal Court V, New Delhi bench comprising Shri Mahendra Khandelwal and Dr. Sanjeev Ranjan held that the Adjudicating Authority cannot consider a Settlement Proposal, even of a higher value than the Resolution Plan, after the approval of the Resolution Plan by the Committee of Creditors. Upon reviewing the minutes of the CoC meetings, NCLT Delhi noted …

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