logo
Supreme Court Rejects BCCI And BYJUS Promoters Appeals Against NCLAT Order On Insolvency Withdrawal

Supreme Court Rejects BCCI And BYJUS Promoters Appeals Against NCLAT Order On Insolvency Withdrawal

India.com21-07-2025
New Delhi: The Supreme Court on Monday dismissed pleas filed by the Board of Control for Cricket in India (BCCI) and Byju's co-founder Riju Raveendran challenging a NCLAT Chennai order which denied the withdrawal of insolvency proceedings initiated by the BCCI. A bench comprising Justices JB Pardiwala and R Mahadevan refused to interfere with the NCLAT's April 17 order.
On April 17, the National Company Law Appellate Tribunal (NCLAT) had set aside the appeals filed by BCCI and Byju's Riju Ravindran seeking withdrawal of insolvency proceedings against Byju's. NCLAT had held that any application to withdraw the Corporate Insolvency Resolution Process (CIRP) against Think & Learn Pvt. Ltd. (the company running Byju's) requires the support of 90 per cent of its Committee of Creditors (CoC).
They had challenged in NCLAT, the order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT), which had on February 10, directed to place their settlement offer before the new Committee of Creditors (CoC), in which US-based Glas Trust, the trustee for lenders to which Byju's owes $1.2 billion, is a member.
Filing the appeal in the top court, BCCI and Ravindran have sought a withdrawal of the insolvency proceedings saying they have entered into a settlement of Rs 158 crore, and this was done much before the constitution of CoC. Meanwhile, reacting to the Supreme Court's order, Counsel of BYJU'S Founders said in a statement, "It is disappointing that the Hon'ble Supreme Court did not rule in favour of the termination of BYJU's bankruptcy. The termination would have benefitted millions of students who are being deprived of BYJU'S learning system, and thousands of employees."
"We are examining the implications of today's order and will decide the future course of action after due consideration. BYJU'S Founders will not stop their efforts to terminate the company's bankruptcy and remain confident that eventually justice will be found through the courts." the statement added.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Unclaimed money with Indian banks rises to Rs 67,000 crore, SBI with 29% of all such deposits
Unclaimed money with Indian banks rises to Rs 67,000 crore, SBI with 29% of all such deposits

Indian Express

timea minute ago

  • Indian Express

Unclaimed money with Indian banks rises to Rs 67,000 crore, SBI with 29% of all such deposits

The quantum of unclaimed deposits with Indian banks stood at Rs 67,003 crore as at the end of the June quarter, with State Bank of India (SBI) accounting for 29 per cent of all such deposits, the Finance Ministry told Parliament on Monday. According to data shared by Minister of State for Finance Pankaj Chaudhary in response to a question in the Lok Sabha, 87 per cent of all unclaimed deposits were with public sector banks. Of the total unclaimed deposits of Rs 58,330.26 crore with state-owned lenders, Rs 19,329.92 crore was with SBI. The other public sector banks with sizeable chunks of unclaimed deposits include Punjab National Bank (Rs 6,910.67 crore), Canara Bank (Rs 6,278.14 crore), Bank of Baroda (Rs 5,277.36 crore), and Union Bank of India (Rs 5,104.50 crore). Private banks, on the other hand, held unclaimed deposits of Rs 8,673.72 crore, with ICICI Bank in possession of the most, at Rs 2,063.45 crore. Money in savings and current accounts that have not been operated for 10 years or term deposits not claimed within 10 years from the date of maturity are called unclaimed deposits. These funds are, after the expiry of the 10-year threshold, moved to the Depositor Education and Awareness Fund maintained by the Reserve Bank of India (RBI). In a separate Parliament question in March, data from the Finance Ministry had shown that the amounts of unclaimed deposits rose sharply starting 2022-23. In the previous three years, the annual additions to the Depositor Education and Awareness Fund were slightly more than Rs 4,500 crore on average. However, in 2022-23, this almost tripled to Rs 12,254.29 crore before edging down slightly to Rs 11,794.17 crore in 2023-24. The pace was somewhat maintained in the first nine months of 2024-25, with Rs 7,946.49 crore being transferred to the Depositor Education and Awareness Fund. Seemingly in response to the rise in unclaimed deposits, the RBI had in June 2023 started a '100 Days 100 Pays' campaign for banks to trace and settle the 100 largest unclaimed deposits of every bank in every district of the country within 100 days. Subsequently, in August 2023, the Indian central bank had announced the development of a web portal to allow depositors to search across multiple banks for any unclaimed deposits. The portal, called UDGAM – Unclaimed Deposits- Gateway to Access Information – had more than 8.5 lakh registered users as on July 1, Chaudhary said on Monday. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More

India tops US smartphone supply in June quarter as Apple shifts from China
India tops US smartphone supply in June quarter as Apple shifts from China

Time of India

timea minute ago

  • Time of India

India tops US smartphone supply in June quarter as Apple shifts from China

India has emerged as the top supplier of smartphones to the US, primarily due to Apple's strategic shift of manufacturing from China amidst trade uncertainties. This transition led to a significant decrease in US smartphone shipments assembled in China, with India capturing a substantial portion of that decline. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India became the leading supplier of smartphones sold in the United States for the first time, in the June quarter, largely driven by Apple's accelerated shift of its manufacturing activities to India from China amidst tariff uncertainties, research firm Canalys uncertain outcome of negotiations between Washington and Beijing over a trade deal has accelerated the supply chain reorientation, it share of US smartphone shipments assembled in China shrank from 61% in Q2 2024 to 25% in Q2 of this decline was captured by total volume of India-made smartphones to the US grew 240% on-year, accounting for 44% of shipments imported into the US in Q2 2025, up from 13% of the total smartphone shipments a year research firm said US smartphone shipments grew 1% on-year in the June quarter as vendors continued to frontload inventories amid tariff concerns.'India became the leading manufacturing hub for smartphones sold in the US for the very first time in Q2 2025, largely driven by Apple's accelerated supply chain shift to India amid an uncertain trade landscape between the US and China,' said Sanyam Chaurasia, principal analyst at added that while Apple has scaled up its supply from India as part of its China Plus One strategy , and even manufacturing and exporting the more complex Pro models from India, it is still dependent on manufacturing bases in China for scaled supply of its Pro models to the the base models, however, India became the largest supplier to the US in the June quarter. Apple has opted to dedicate most of its export capacity in India to supply to the US market in and Motorola have also scaled up supply from India, although their shifts are significantly slower and smaller in scale than Apple's."Motorola, similar to Apple, has its core manufacturing hub in China, whereas Samsung relies mainly on producing its smartphones in Vietnam,' Chaurasia to data from Canalys, iPhone exports from India to the US peaked in March ahead of the Trump administration's announcement of reciprocal tariffs on its trade partners, which eventually got deferred to Cupertino-based company exported 97.6% of all iPhone exports in March to the US, up from 81.9% in the three months to February, according to S&P Global Market Intelligence. Exports ramped up 219% in March as the company looked to preempt higher tariffs on imports from (Hon Hai), and Tata Electronics are the leading manufacturers of iPhones in India, while Samsung has its own factory and Motorola exports to the US through its contract manufacturer, Dixon Technologies

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store