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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.
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."
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Business Standard
3 days ago
- Business
- Business Standard
SC admits Byju's promoters' pleas, next insolvency hearing on July 21
In a significant development in the ongoing insolvency proceedings involving edtech company Think & Learn Pvt Ltd (Byju's), the Supreme Court today admitted the cases filed by the promoters of Byju's. The promoters' lawyers challenged the decision by the National Company Law Appellate Tribunal (NCLAT) Chennai Bench 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). Presenting the key arguments, Senior Counsel K. K. Venugopal (also former Attorney General of India) said, '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 & Learn against the lenders. This is leading to substantial assets of the company in the US being disposed of.' The Supreme Court today heard arguments presented by them and has scheduled the next hearing for July 21, 2025. The Supreme Court, in a partial court working day, also said that the court will consider interim relief on the next date. Valued at $22 billion in 2022, Byju's has seen its fortunes dwindle due to a massive cash crunch, regulatory issues, and disputes with investors, including a battle with US lenders who are demanding $1 billion in unpaid dues, triggering the firm's insolvency.
Time of India
3 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.
