Insolvency Case
SC junks BCCI plea to withdraw insolvency case against BYJU's parent co
This story was originally published at 13:22 IST on 21 July 2025
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--SC junks BCCI plea to withdraw insolvency case against BYJU's parent co
NEW DELHI – The Supreme Court on Monday dismissed a petition by operational creditor Board of Control for Cricket in India, which was seeking to withdraw its insolvency case against Think & Learn Pvt. Ltd., the parent company of online educational services company BYJU's. The top court also dismissed a plea by BYJU's co-founder Riju Raveendran, who had supported the cricketing board and sought approval of a settlement between BCCI and Think & Learn.
The cricket board has sought withdrawal of insolvency proceedings against Think & Learn. However, both the National Company Law Appellate Tribunal and the Bengaluru bench of the National Company Law Tribunal directed the resolution professional to present the withdrawal application before the committee of creditors of the financially distressed company.
The appellate tribunal has erred in not appreciating the uncontested fact that the settlement culminated prior to the constitution of the committee of creditors of Think & Learn, said the board. The appellate tribunal has failed to appreciate that the Bengaluru tribunal could not have shifted the responsibility of adjudicating the withdrawal application to the committee of creditors, it added.
GLAS Trust Co. Ltd. currently holds a dominant position in the committee of creditors of Think & Learn, controlling 99.41% of the voting rights. Other members of the panel include Aditya Birla Finance Ltd. and InCred Financial Services Ltd. Riju Raveendran has expressed concern that the committee may reject a proposed settlement, given that GLAS Trust had previously opposed the agreement before both the appellate tribunal and the apex court last year.
On Aug. 2 last year, the National Company Law Appellate Tribunal had overturned a July 2024 order by the Bengaluru bench of the National Company Law Tribunal, which had started insolvency proceedings against Think & Learn. The appellate tribunal had overturned the order based on information that the company and its operational creditor BCCI had reached a settlement. However, following objections raised by GLAS Trust and Aditya Birla Finance, the Supreme Court in October rejected the appellate tribunal's ruling and restored the insolvency proceedings against Think & Learn. The matter is currently being heard by the Bengaluru tribunal.
Subsequently, the BCCI filed a fresh application to withdraw its insolvency plea against Think & Learn, but this was again rejected by both the Bengaluru bench and the appellate tribunal. End
Reported by Surya Tripathi
Edited by Tanima Banerjee
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