Insolvency Withdrawal
NCLT seeks lenders' OK on BCCI plea to withdraw IBC against Think & Learn
This story was originally published at 16:02 IST on 10 February 2025
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--NCLT: Submit BCCI's IBC withdrawal plea to BYJU's parent co lenders for OK
--CONTEXT: NCLT on BCCI plea to withdraw IBC proceedings vs BYJU's parent co
NEW DELHI – The Bengaluru bench of the National Company Law Tribunal on Monday directed that the Board of Control for Cricket in India's application to withdraw insolvency proceedings against debt-ridden Think & Learn Pvt. Ltd., parent of online educational services company Byju's, to be placed before the committee of creditors of the Think & Learn.
An application for withdrawal under Section 12A of the Insolvency and Bankruptcy Code, 2016 is submitted to the committee of creditors for approval. The committee must approve the withdrawal with a 90% voting share. If approved, the application is then referred to the tribunal for final approval or rejection.
The National Company Law Appellate Tribunal had on Aug. 2 set aside the order of the Bengaluru bench of the National Company Law Tribunal to start insolvency proceedings against Think & Learn. The appellate tribunal 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.
The Supreme Court, however, rejected the appellate tribunal's order and restored the insolvency proceedings against Think & Learn. Thereafter, the Board of Control for Cricket in India filed an application seeking the withdrawal of its insolvency proceedings against Think & Learn.
The company's US lender GLAS Trust Co. LLC. had challenged its removal from Think & Learn's committee of creditors and sought the removal of resolution professional Pankaj Srivastava. Aditya Birla Finance Ltd. accused the resolution professional of fraud in the insolvency process by classifying it as an operational creditor and not a financial creditor.
The tribunal had restored GLAS Trust and Aditya Birla Finance to the committee of creditors of the debt-ridden company. On Friday, the appellate tribunal asked the National Company Law Tribunal to pronounce the order on the cricketing board in a week. End
Reported by Surya Tripathi
Edited by Saji George Titus
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