![[Byju's Insolvency Case] Resolution Professional (RP) Are Creating 'Chaos': Creditor To NCLT](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-44.png?resize=447%2C367&ssl=1)
The NCLAT Chennai expected to announce its decision on Byju Raveendran’s appeal against insolvency proceedings on August 2. This ruling will impact the disputed Rs.158 crore settlement between Raveendran and the BCCI. The case revolves around the initiation of insolvency proceedings against Byju’s parent company, and the source of funds used for the settlement is under scrutiny.
Byju Raveendran challenges Byju’s insolvency order, alleging bias by NCLAT. He seeks suspension of the order, stating Byju’s solvency and a plan to clear debts. BCCI opposes, claiming forum shopping. NCLAT is set to hear the appeal. Byju’s insolvency resulted from unpaid dues to BCCI, impacting its value and operations. Continued hearing on July 26.