Byju’s Fate Hangs In Balance As Firm Engages In Settlement Talks With BCCI

The tribunal initiated the bankruptcy proceedings for Think and Learn on July 16 following the plea filed by BCCI regarding the non-payment of Rs 158 crore

The tribunal declared that it would hear all the applications on July 31, 2024. (Image Source: Byju's)

Source : Byju's

The Board of Control for Cricket in India (BCCI) approached the National Company Law Appellate Tribunal (NCLT) on Tuesday and said that it is in the initial settlement discussions with Byju’s founder, Byju Raveendran, to find a solution to the dispute with the parent company, Think and Learn Private Limited.

Representing BCCI, Solicitor General Tushar Mehta, said, “The matter may be heard tomorrow, they are in talks,” reported Moneycontrol. This resulted in the tribunal adjourning the case to July 31, 2024.

Meanwhile, senior advocate Mukul Rohatgi, appeared for the company’s lenders based out of the US and informed the NCLT that their plea was disposed of following the insolvency order. He further sought to appeal the order. The tribunal declared that it would hear all the applications on July 31, 2024.

Notably, a day earlier on July 29, Justice Sharad Kumar Sharma of the tribunal excused himself from sitting on the plea from Byju Raveendran challenging the order that allowed the bankruptcy proceedings to be started for Think and Learn. “I have appeared as a senior counsel for the Board of Control for Cricket in India (BCCI), since they are the main beneficiaries of this order, I cannot take this up,” he clarified. 

The order was passed following a plea by the BCCI. The tribunal initiated the bankruptcy proceedings on July 16 after the plea regarding the non-payment of Rs 158 crore.

Earlier on July 26, the Karnataka High Court adjourned the Byju’s founder’s plea to suspend the bankruptcy order against his company to July 30, 2024. Representing Raveendran, senior advocate Abhishek Manu Singhvi, noted, “The NCLAT bench has adjourned my appeal to another date to decide on whether one of the judges will have to recuse from the plea. If the Committee of Creditors is formed meanwhile, I will be left remediless, it will become irreversible.”