Byju's insolvency: SC admits cases filed by company's promoters
BENGALURU: The Supreme Court on Thursday admitted the cases filed by the promoters of edtech firm Byju's in connection with the ongoing insolvency proceedings. The apex court has scheduled the next hearing on July 21.
Byju's lawyers challenged the National Company Law Appellate Tribunal (NCLAT) Chennai Bench decision that denied withdrawal of insolvency proceedings initiated by the BCCI.
Senior Counsel KK Venugopal said, 'A Rs 158 crore settlement between Byju's and BCCI was fully agreed upon, paid, and formally communicated to the IRP (The resolution professional) well before the CoC (Committee of Creditors) was constituted.'
Senior Counsel Guru Krishna Kumar sought relief from the Supreme Court, 'The Resolution Professional (IRP) handling Think & Learn's (Byju's) insolvency in India, has withdrawn legal proceedings in the US initiated by Think and Learn against the lenders. This is leading to substantial assets of the company in the US being disposed off."
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