The National Company Law Tribunal (NCLT) on Monday directed the Board of Control for Cricket in India (BCCI) to submit its application to withdraw the insolvency plea it had filed against Think & Learn Private Limited, the parent company of ed-tech giant Byju’s. The move comes as part of the ongoing legal dispute between the two parties.
The NCLT bench, consisting of Judicial Member K Biswal and Technical Member Ravichandran Ramaswamy, disposed of the application and instructed BCCI to submit the withdrawal request to the company’s Committee of Creditors (CoC). The bench further clarified that it is now the responsibility of the CoC to decide on the request to withdraw the corporate insolvency resolution process (CIRP) against Byju’s.
This development follows earlier instructions from the National Company Law Appellate Tribunal (NCLAT), which had ordered the NCLT to decide within a week on BCCI’s application for the withdrawal of the insolvency proceedings against Byju’s. The issue arose after BCCI sought to settle its dispute with the company, which stems from unpaid dues related to sponsorship rights worth Rs 158 crore.
During the hearing, Senior Advocate Srinivasa Raghavan raised concerns regarding the conduct of the Resolution Professional (RP), Pankaj Srivastava. Raghavan accused Srivastava of failing to convene a meeting of the newly constituted CoC and alleged that he had been postponing meetings despite being instructed by the NCLT to conduct them. Senior Advocate Promod Nair, representing Aditya Birla Finance, urged the tribunal to address these concerns.
In response, the NCLT directed the parties involved to file an appropriate application to bring these facts before the court.
The ongoing legal battle began last year when the NCLT Bengaluru admitted an insolvency petition filed by the BCCI against Think & Learn Private Limited over unpaid dues. As part of its move, the BCCI sought the initiation of the CIRP against the company.
Further complicating matters, the NCLAT had previously ruled in favor of reconstituting the CoC to include Glas Trust and Aditya Birla Finance. Riju Raveendran, a suspended director of Byju’s, filed an appeal, arguing that the NCLT’s decision to prioritize the CoC’s formation over the withdrawal application violated the Supreme Court’s directions. He contended that the full settlement reached between Byju’s and BCCI should have been the main focus, with the application for withdrawal being adjudicated before any reconstitution of the CoC.