Supreme Court rejects BCCI, Byju’s plea to withdraw insolvency case
The Apex court also refused to apply for another appeal of Byju’s founding partner Riju Ravendran, who wanted to withdraw bankruptcy against Think & Learn.
The National Company Law Court (NCLAT) and the Bengaluru counter of the National Company Law Court (NCLT) led the decision professional to submit a withdrawal application in front of the Creditors Committee (COC).
The Cricket Board told SC that NClat did not appreciate the fact that the settlement was not thought before the COC Constitution. In addition, the court could not change the responsibility to decide to apply for withdrawal to the lenders.
Ravendran, who supported BCCI’s stand, argued that the NClat order was “wrong and perverted as SC as SC. “On the contrary, when the settlement is allowed before NClat, he states that there was a situation before COC’s constitution.
He also said that the SC did not automatically revive CIRP. He stated that the alleged constitution of COC was completely illegal and perverted, claiming that Icıcı Bank, the Nile dues, could not be included. “The US List Glas Trust Co. LLC is not a financial creditor. He is an alleged representative of a consortium, and before the COC is allowed to be a part of the COC, the entire appeal process of the appeal process is concerned with the addition of the restriction before it is allowed to be a part of the COC. Ravendran, who is connected to Glas, added that the former IRP was now pressure by Glas to make a series of decisions and made a statement that the whole process was “previously prepared”.
In an earlier round in October, the Supreme Court left the NClat order, which approved the RS 158 Crore agreement between Think & Learn and BCCI. He also overthrew the August 2 decision of the Court of Appeal and restored the bankruptcy procedures for a appeal made by Aditya Birla Birla and Glas Trust, and the Board of Trustees for the lenders sought a stance for the bankruptcy and bankruptcy procedures.
Later, BCCI made a new application to withdraw the bankruptcy claim against Think & Learn, but this was also rejected by both the court and the Court of Appeal.
