No relief for BCCI in Byju's insolvency battle, SC upholds NCLAT order
A bench comprising justices JB Pardiwala and R Mahadevan declined to interfere with the NCLAT's order, effectively upholding the requirement that BCCI must seek CoC approval to withdraw the proceedings.
Senior advocate and former attorney general KK Venugopal, appearing for Riju Raveendran, objected to the dismissal, saying, 'I am sorry but the matter is being dismissed arbitrarily. I am in the middle of my arguments. How can your lordships dismiss the case without even hearing me?'
The bench, however, remained silent and proceeded to dismiss the plea.
The BCCI had initiated insolvency proceedings against Byju's before the National Company Law Tribunal (NCLT) in July 2024, citing unpaid dues of Rs 158.90 crore.
Following a settlement, BCCI sought to withdraw the application by submitting Form FA to the Interim Resolution Professional (IRP) in August 2024.
However, since the Committee of Creditors was constituted shortly thereafter on August 21, 2024, and the formal withdrawal application was filed only in November 2024, both NCLT and NCLAT ruled that approval from 90% of CoC members under Section 12A of the Insolvency and Bankruptcy Code was mandatory.
The NCLAT clarified that under Regulation 30A, the 'date of filing' refers to the submission date before the NCLT and not merely to the IRP.
Riju Raveendran, who had filed a separate plea alleging he was not heard on his impleadment application, also faced dismissal.
The NCLAT had noted that Raveendran was present during hearings and had already raised all relevant arguments.
BCCI was represented by solicitor general Tushar Mehta and senior advocate CK Nandakumar, along with a team from Argus Partners including advocates R Sudhinder, Aditya Chaudhary, Bhavya Mohan, Aastha Trivedi, Anjali Kutiyal, Anushka Sharma, Bhuvan Kapoor, and Karthik.
Glas Trust was represented by senior advocates Kapil Sibal and Krishnendu Datta with advocates Prateek Kumar, Raveena Rai, Moha Paranjpe, and Siddhant Grover from Khaitan & Co.
The Resolution Professional was represented by senior advocate Paramjit Patwalia, while Byju Raveendran was represented by senior advocates Guru Krishnakumar and Haripriya Padmanabhan.
Other respondents were represented by advocates Pooja Mahajan, Arveena Sharma, Ichchha Kalash, and Samridhi Sharmili from Chandiok & Mahajan.
UNI SNG PRS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
United News of India
22 minutes ago
- United News of India
Grasim Industries post consolidated Rs 1,419 Cr Q1 FY26 net profit
Mumbai, Aug 8 (UNI) Aditya Birla Group company Grasim Industries Ltd officially announced here today that it has posted a 32% growth in net profit on a consolidated basis at Rs 1,419 crore for Q1 FY26. The 32% growth in net profit has been attributed to strong performance by UltraTech Cement, which is a Grasim company, aided by good performance in its chemicals businesses, according to the company statement. The company's net profit rose to Rs 1,419 crore in Q1FY26, from Rs 1,075 crore an year earlier. Consolidated revenue grew by 16% year-on-year (YoY) to Rs 40,118 crore, while EBITDA increased by 36% to Rs 6,430 crore, the company said in a filing. The cement business of listed subsidiary UltraTech, remained the primary earnings driver. UltraTech's cement volumes rose nearly 10% year-on-year (YoY) to 36.8 million tonnes, while EBITDA per tonne increased by 37% to Rs 1,248. Improved revenue from caustic soda and chlorine derivatives business lifted EBITDA by 36% to Rs 422 crore. Revenues from the segment rose by 16% to Rs 2,391 crore despite margin pressures in specialty chemicals due to low-cost imports. According to the company statement, "Grasim stands to gain from India's broad based economic momentum, and has a diversified portfolio, with strategic capital deployment and scale across core sectors. The push for infrastructure expansion, resurgence in domestic manufacturing, formalisation of the financial system as well as rising disposable incomes are creating sustained demand". UNI XC SSP
Hindustan Times
an hour ago
- Hindustan Times
Jasprit Bumrah was ‘pretty clear, knew what he wanted to do' in England: ‘Players convey same message, they get dropped'
Ajinkya Rahane, the seasoned India batter, lauded Jasprit Bumrah for the clarity with which he approached the Anderson-Tendulkar Trophy against England. Before the five-match series even began, the No.1 Test bowler informed the BCCI, captain Shubman Gill and head coach Gautam Gambhir about his availability for just the three Tests. The 31-year-old played the first, third and fourth Tests against Ben Stokes' England. Jasprit Bumrah played three Tests in the Anderson-Tendulkar Trophy. (AP) Bumrah returned with two five-wicket hauls at Headingley and Lord's. In total, he scalped 14 wickets in the Anderson-Tendulkar Trophy. Midway through the final Test at the Oval, which India eventually won by six runs, Bumrah was released from the squad on Day 2. Rahane, who led India to a thrilling 2-1 win against Australia Down Under in 2020-21, said Bumrah was exceptional in having the clarity about his workload and how he wanted to proceed ahead in the series. 'What I liked about the Bumrah situation was that he was pretty clear; he knew what he wanted to do before the series. He said, 'I'll play the first one, I won't play the second one, and then I'll play the third'. Great clarity for a captain. It shows that he has the courage to tell the captain and management to be really clear,' Rahane said on his YouTube channel. Also Read: 'I wonder how the BCCI is agreeing to all this': Jasprit Bumrah's workload management dismissed as 'nonsense' 'It also shows that he is keeping the team ahead of himself. Sometimes it is not easy to do so when you are playing for India. As a player, when you are representing India, it's not easy. Sometimes players convey the same message to the team, and then they get dropped,' he added. Bumrah wanted the team to be well-prepared Rahane also had some advice for Gambhir, Gill, and Agarkar. He said that if the management wants him to be available for all the Tests India plays, then Bumrah should be used for short bursts, such as a spell of three or four overs, and nothing more than that. 'It just shows that he wanted the team to be well prepared even when he wasn't playing. Because of his unique action, there is a lot of load on his body. If you want Bumrah to play all five Tests, then use him in smaller spells like 3 overs or 4 overs,' said Rahane. 'I think England were wary of Bumrah when he was playing; 'Bazball' didn't come out to the full extent. When Bumrah wasn't there, they played a little freely. It is important to use him properly; you have to give him the luxury to get the best out of him,' he added. Earlier, Bumrah had played all five Tests against Australia in the Border-Gavaskar Trophy. However, midway through the final game in Sydney, Bumrah suffered a back spasm, which led to his missing the Champions Trophy. Since 2020, Bumrah has bowled more than 1,000 overs in Tests, and his workload has led to chatter about his potential future in the longest format.
Time of India
an hour ago
- Time of India
US tariff crisis puts Punjab basmati exporters, growers in peril
Chandigarh: The new US policy imposing a 50% import tariff on Indian basmati rice presents a challenge for both exporters and its growers in Punjab. This duty hike is set to make India's premium grain uncompetitive against rival Pakistan in a key global market, adding to the pressure on growers already affected by falling domestic prices. If basmati growers are compelled to switch to regular paddy, it could undermine the state's crop diversification efforts, which are essential to conserving groundwater resources. While the US market may be smaller in volume than West Asia, it is crucial to the profitability of premium aromatic varieties. This punitive tariff is set to directly benefit India's arch-rival, as Pakistan's lower tariff rate will likely shift a greater share of the US market to their exports, which currently account for 50% compared to India's 19%. The new tariffs come at a time when basmati prices are already in free fall. The cost of popular varieties like 1121 dropped from Rs 4,500 per quintal in 2022-23 to Rs 3,500 in 2023-24, with expectations of a further decline. Basmati exporters fear this price slump could make farmers abandon basmati in favour of regular paddy, which is protected by a minimum support price (MSP) of over Rs 2,400 per quintal. This shift could undermine the state's crop diversification efforts, which were put in place to address concerns over groundwater depletion. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Undo Sanampreet Singh, a progressive farmer from Fazilka, said a dip in basmati prices last season already made many growers switch back to regular paddy this year. He said basmati prices are uncertain and depend on exporters, unlike the assured procurement on minimum support price (MSP) for regular paddy, adding that if prices do not recover this season, more basmati growers would switch to paddy. Popular basmati varieties in the state like 1509, 1121, and 1718 cover over 80% of the 6.8 lakh hectares area under basmati, but have been fetching falling prices. According to Ranjit Singh Jossan, vice-president of the Basmati Rice Millers and Exporters Association, the new duty could cause Indian exports to the US to drop by 50%-80%. "US accounts for 8%-10% of India's basmati exports. New tariffs will make Indian basmati costlier by $400 per tonne, while Pakistani basmati will remain competitive. This will particularly hurt small and medium exporters who are already struggling with thin margins and unsold stock," he said. The dual threats of foreign trade disruptions and domestic supply issues could prove to be a litmus test yet for Punjab's basmati success story, said Jossan. According to Ashok Sethi, director of the Punjab Rice Millers and Exporters' Association, a good monsoon this time is expected to yield a bumper basmati crop, which typically drives prices down. This supply increase, coupled with a negative market sentiment surrounding the high US tariff, will likely cause a decline. As a result, both exporters and growers are expected to be affected, with exporters becoming more cautious in their buying. Despite the US market's relatively small volume of 2.34-3 lakh metric tonnes annually, valued between $350 million and $418 million, it remains a crucial destination for Indian basmati due to its niche clientele, he said. Punjab's basmati processing capacity nearly doubled in the last two years, but its local production is not keeping pace. Millers have historically relied on surplus basmati from Uttar Pradesh and Madhya Pradesh to operate at full capacity. However, these states are now rapidly building their own milling infrastructure, which could cut off Punjab's raw material supply. In 2022-23, Punjab's basmati processing capacity stood at around 25 LMT per annum, with 80 rice mills operating. By 2024-25, the capacity went up to 45 LMT, with over 200 rice mills now operating across the state. The rapid expansion was fuelled by strong global demand for basmati and high price realisation in the export market, especially in premium destinations like the US, Europe, and the Middle East. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
