Latest news with #Byju's
Time of India
3 days ago
- Business
- Time of India
Supreme Court admits Byju's insolvency appeals
Bengaluru: The Supreme Court has admitted two appeals in the ongoing insolvency proceedings of Think & Learn, the parent entity of the embattled edtech firm Byju's, filed by the company's promoters and the Board of Control for Cricket in India (BCCI). The apex court has scheduled the next hearing for July 21 where it will consider interim reliefs sought by the petitioners. The cases stem from the insolvency application filed by the BCCI, which alleged unpaid dues from Byju's, a former Team India sponsor. However, both BCCI and Byju's claimed that a Rs 158 crore settlement was reached and fully executed before the constitution of the Committee of Creditors (CoC). The promoters are seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) based on this pre-CoC agreement. Senior Advocate KK Venugopal, appearing for the Byju's promoters, argued that the BCCI settlement was "fully agreed upon, paid, and formally communicated to the interim resolution professional well before the CoC was constituted." Supporting the plea, senior counsel Guru Krishna Kumar told the court that the company's US assets are at risk, alleging that the resolution professional (RP) withdrew American legal proceedings initiated by Think & Learn against its lenders. The Supreme Court did not grant a stay on asset disposal but said it would evaluate interim relief at the next hearing. Notices were issued to the former interim resolution professional Pankaj Srivastava, current RP Shailendra Ajmera, Byju's director Riju Ravindran, and Glas Trust, representing the US lenders. The promoters' legal challenge comes after the National Company Law Appellate Tribunal (NCLAT) refused to allow the insolvency withdrawal, citing the formation of the CoC. The dispute adds a fresh layer to the high-stakes financial and legal troubles surrounding Byju's, which has been under intense scrutiny from regulators, creditors, and investors over the past year. The outcome of the July 21 hearing could determine whether Byju's can exit the insolvency process based on the timing and validity of the BCCI settlement.
Time of India
3 days ago
- Business
- Time of India
BCCI settlement: Supreme Court to hear Byju's insolvency appeals
BENGALURU: The has admitted two appeals in the ongoing insolvency proceedings of Think & Learn, the parent entity of Byju's. The appeals were filed by the company's promoters and cricket body BCCI. Tired of too many ads? go ad free now The apex court has scheduled the next hearing for July 21. The cases stem from the insolvency application filed by the BCCI, which alleged unpaid dues from Byju's, a former Team India sponsor. However, both BCCI and Byju's claimed that a Rs 158-crore settlement was reached and executed before the constitution of the committee of creditors (CoC). The promoters are seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) based on this pre-CoC agreement. Senior advocate KK Venugopal, appearing for the Byju's promoters, argued that the BCCI settlement was "fully agreed upon, paid, and formally communicated to the interim resolution professional well before the CoC was constituted." Supporting the plea, senior counsel Guru Krishna Kumar told the court that the company's US assets are at risk, alleging that the resolution professional withdrew American legal proceedings initiated by Think & Learn against its lenders. The promoters' legal challenge comes after the NCLAT refused to allow the insolvency withdrawal, citing the formation of CoC. The dispute adds a fresh layer to the legal troubles surrounding Byju's, which has been under intense scrutiny from regulators, creditors, and investors over the past year. The July 21 hearing could determine whether Byju's can exit the insolvency process based on the timing and validity of the BCCI settlement.
Time of India
3 days ago
- Business
- Time of India
Byju's Insolvency Proceedings: Supreme Court to Review Byju's Insolvency Settlement Case Against BCCI, ET LegalWorld
The Supreme Court on Thursday agreed to hear a petition filed by the promoters of tech company Byju's, seeking to uphold a pre-Corporate Insolvency Resolution Process (pre-CoC) settlement in the company's insolvency proceedings. The promoters' lawyers challenged the decision by the Chennai-bench of National Company Law Appellate Tribunal (NCLAT) that denied withdrawal of insolvency proceedings initiated by the Board of Control for Cricket in India (BCCI) despite a full and final settlement of dues prior to the constitution of the Committee of Creditors (CoC). The matter came up for hearing before a bench of Justices Vikram Nath and Sanjay Kumar which issued notice to respondents, including the BCCI, seeking their responses to the plea. Advt "Issue notice," said the bench and added "the prayer for interim relief to be considered on the next date fixed i.e. July 21, 2025".Presenting the arguments for the petitioner, senior counsel K K Venugopal said that a settlement of Rs 158 crore between Byju's and the BCCI was fully agreed upon, paid and formally communicated to the Interim Resolution Professional (IRP) well before the CoC was further on the argument, senior counsel Guru Krishna Kumar sought relief saying, "The Resolution Professional handling Think & Learn (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."In a judgement delivered on October 23 last year, the apex court had set aside the NCLAT verdict that had halted the insolvency proceedings against the embattled ed-tech firm and held that US creditor firm Glas Trust Company LLC would have the locus to top court verdict had also come as a jolt for the BCCI as it annulled the NCLAT's order approving Rs 158.9 crore dues settlement of Byju's with the cricket apex court had directed the cricket board to deposit the settlement amount of Rs 158.9 crore with the committee of creditors (CoC).It had held that the US firm, being the creditor, had the locus to intervene in matters relating to the corporate insolvency proceedings at National Company Law Tribunal (NCLT), NCLAT and in the apex court as an affected party. PTI Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETLegalWorld App Get Realtime updates Save your favourite articles Scan to download App
New Indian Express
3 days ago
- Business
- New Indian Express
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."
India Gazette
3 days ago
- Business
- India Gazette
SC admits appeal of BYJU'S promoters against NCLAT order; issues notices to GLAS and IRP
New Delhi [India], May 29 (ANI): The Supreme Court on Thursday admitted the appeals filed by the promoters of Byju's challenging the NCLAT Chennai order which denied the withdrawal of insolvency proceedings initiated by the BCCI, despite a full and final settlement of dues prior to the constitution of the Committee of Creditors (CoC). A vacation bench of Justices Vikram Nath and Sanjay Kumar also issued notices to Pankaj Srivastava, former interim resolution professional of Think and Learn, and US based Glas Trust company LLC. The bench today heard arguments and scheduled the case for hearing on July 21. The apex court also said that the court will consider interim relief on the next date of hearing. Appearing on behalf of Byju's promoters, Senior advocate KK Venugopal contended that 'A Rs. 158 crore settlement between BYJU'S and BCCI was fully agreed upon, paid, and formally communicated to the IRP well before the CoC was constituted.' Building further on the argument, 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.' 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. 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 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. (ANI)
