Latest news with #K.K.Venugopal

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from the Supreme Court: 'The Resolution Professional (IRP) handling Think & Learn's (Byju's) insolvency in India has withdrawn legal proceedings in the US initiated by Think & Learn against the lenders.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.