Latest news with #CIRP
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
4 days ago
- Business
- Time of India
SC admits appeals in Byju's insolvency case, next hearing on July 21
BENGALURU: The has admitted two appeals in the ongoing insolvency proceedings of Think & Learn, the parent of edtech firm Byju's, filed by the company's promoters and the Board of Control for Cricket in India (BCCI). Tired of too many ads? go ad free now The apex court has scheduled the next hearing for July 21, 2025, 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 have 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) on the basis of 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) has withdrawn 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 Ravindranand 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
4 days ago
- Business
- Time of India
SC issues notice to Byju's resolution professional, Glas Trust, Riju Ravindran
The Supreme Court on Thursday issued notices to Pankaj Srivastava, former interim resolution professional of Think and Learn , parent of embattled edtech Byju's, its suspended director Riju Ravindran, group representing the US lenders Glas Trust and current RP Shailendra Ajmera on two separate appeals filed by the Board of Control for Cricket in India (BCCI) and Ravindran. BCCI and Ravindran have sought a withdrawal of the insolvency proceedings on the grounds that they have entered into a settlement of Rs 158 crore , saying this was done much before the constitution of committee of crediors (CoC). The apex court has refused to restrain the RP from disposing of the assets, saying that this interim relief will be considered on the next date. Ravindran's counsel also sought a status quo on the CIRP proceedings. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Investigadora argentina revela hallazgos sobre el magnesio Salud Esencial Leer más Undo The next date of hearing is July 21. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories
Time of India
4 days ago
- Business
- Time of India
Insolvency framework amended to simplify compliance
NEW DELHI: The bankruptcy regulator has amended the framework for reporting the corporate insolvency resolution process ( CIRP ) to ease compliance burden without undermining effective oversight, according to a circular. Under the revised reporting framework, the existing nine forms will be compressed into five by removing duplication, streamlining data requirements and leveraging technology for auto-population of information, the Insolvency and Bankruptcy Board of India ( IBBI ) said in the circular dated May 26. The regulator has introduced a standardised monthly reporting cycle, replacing the current system of multiple event-based due dates during the month, it said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Obehag i dina fingrar? Vi inbjuder dig att ge detta ett försök. Arthorol Pro Få erbjudande Undo The changes have been incorporated by amending the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Filings on debt resolution proceedings have to be made on or before the tenth day of the subsequent month, except where the resolution plan or liquidation has been cleared by the tribunal, which has to be reported within seven days. The new forms, the regulator said, will be made available on its website from June 1. No penalty will be imposed for delayed filing of forms during the September quarter. The idea is to give some time to insolvency professionals to get acquainted with the new forms and to address any technical issues, it said. Live Events The forms have to be filed on an electronic platform that will be hosted on the regulator's website. The IBBI has been taking steps to expedite the resolution process and reduce compliance requirements. India Ratings said in a report that the procedural changes introduced this year "aim to improve stakeholder representation, simplify compliance, and enhance transparency in the resolution process". The latest data released by the regulator showed that resolutions outpaced liquidations in 2024-25. The March quarter saw the highest resolution-to-liquidation ratio since the insolvency law's inception in 2016, ICRA said in a report.
