Fresh Twist
BYJU's parent co promoter moves NCLAT, says NCLT didn't rule on BCCI plea
This story was originally published at 12:03 IST on 5 February 2025
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--BYJU's parent co suspended director moves NCLAT against NCLT order
--CONTEXT: NCLT restored previous lenders' panel in BYJU's parent co case
--Suspended BYJU's parent co director: NCLT didn't give order on BCCI plea
--CONTEXT: BCCI sought to withdraw IBC plea against BYJU's parent co
--NCLAT to hear BYJU's parent co suspended director plea on Thu
NEW DELHI – In a fresh twist to BYJU's parent co.'s insolvency proceedings, its suspended director, Riju Ravindran, moved the National Company Law Appellate Tribunal on Wednesday contesting the Bengaluru bench of the National Company Law Tribunal's decision to not give order on the Board of Control for Cricket in India's application to withdraw insolvency proceedings against the debt-ridden company.
On Jan. 29, the Bengaluru tribunal had restored Think & Learn's US lender GLAS Trust Co. LLC. and Aditya Birla Finance Ltd. to the committee of creditors of the debt-ridden company. However, the Bengaluru tribunal had not pronounced any order on the cricketing board's application to withdraw its insolvency petition against Think & Learn.
Ravindran said that the Bengaluru tribunal had reserved its order on all applications of the cricketing board, GLAS Trust and Aditya Birla Finance. However, the Bengaluru tribunal did not pronounce the order on the cricketing board's plea, said Ravindran. If the cricketing board's application for withdrawing the insolvency petition was allowed by the Bengaluru tribunal, then GLAS Trust, Aditya Birla Finance's application had become infructuous. The appellate tribunal will hear the case on Thursday.
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 & Learn and its operational creditor, the Board of Control for Cricket in India, had arrived at a settlement in the insolvency case. However, after various oppositions from GLAS Trust and Aditya Birla Finance, the Supreme Court rejected the appellate tribunal's order and restored the insolvency proceedings against Think & Learn, to be heard by the Bengaluru tribunal.
Thereafter, the Board of Control for Cricket in India had filed an application seeking withdrawal of its insolvency proceedings against Think & Learn. The company's US lender GLAS Trust had challenged its removal from Think & Learn's committee of creditors and sought the removal of resolution professional Pankaj Srivastava. Aditya Birla Finance had 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. End
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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