The Board of Control for Cricket in India (BCCI) is expected to approach the National Company Law Tribunal (NCLT) to seek the withdrawal of insolvency proceedings against Byju’s. This move follows a recent setback at the Supreme Court, which quashed an order from the NCLAT that had permitted a settlement between the ed-tech giant and the BCCI.
The NCLAT had allowed the Byju’s-BCCI settlement, but the Supreme Court on October 23 set aside an order that permitted a ₹158 crore settlement. The NCLAT had dismissed insolvency proceedings against Byju’s following a settlement with the cricket board, but the court found this violated the procedures under the Insolvency and Bankruptcy Code (IBC).
The Supreme Court’s decision has put additional pressure on Byju’s, as US-based lenders have separately filed with the NCLT, seeking the removal of the Insolvency Resolution Professional (IRP) and calling for a fresh constitution of the Committee of Creditors (CoC). The NCLT is scheduled to hear arguments on these matters on November 18.