Insolvency Proceedings
Will file plea to withdraw IBC case against BYJU's parent co, BCCI to NCLT
This story was originally published at 22:48 IST on 12 November 2024
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NEW DELHI – The Board of Control for Cricket in India on Tuesday told the Bengaluru bench of the National Company Law Tribunal that it will file an application seeking withdrawal of its insolvency proceedings against debt-ridden Think & Learn Pvt. Ltd., the parent of online educational services company BYJU'S. The cricketing board asked the tribunal to hear its withdrawal case on priority.
The counsel for the cricketing board said that if the withdrawal is granted, the pleas by Aditya Birla Finance Ltd. and GLAS Trust Co. LLC. for the removal of the resolution professional of Think and Learn would be irrelevant. The tribunal will next hear the case on Nov. 18.
On Aug. 2, the National Company Law Appellate Tribunal had set aside the order passed by the Bengaluru bench of the National Company Law Tribunal in July to start insolvency proceedings against Think & Learn. The appellate tribunal had passed the order after it was informed that Think and Learn and its operational creditor, the Board of Control for Cricket in India, had arrived at a settlement in the insolvency case.
On Oct. 23, the top court had set aside the National Company Law Appellate Tribunal's order and consequently, Think & Learn's insolvency proceedings have been reinstated in the tribunal now. The company's US lender GLAS Trust Co. has challenged its removal from Think & Learn's committee of creditors and sought the removal of the resolution professional. Aditya Birla Finance has accused the resolution professional of playing fraud in the insolvency process of Think & Learn by classifying it as an operational creditor and not a financial creditor. Aditya Birla Finance was a creditor to Think and Learn, which owes 1.39 bln rupees. End
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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