On May 31, 2018, the Enforcement Directorate (ED) imposed significant penalties on several individuals and entities, including Rs 10.65 crore on Lalit Modi. The Bombay High Court later fined Modi Rs 1 lakh for filing a frivolous petition against the BCCI, ruling that no writ could compel the BCCI to pay his penalty.
![[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)
![[Byju's Insolvency Case] “They Have Classified Us as Operational Creditors; We Are Financial Creditors”: Aditya Birla Finance, Glas Trust Seek to Replace Resolution Professional](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/11/image-11.png?resize=300%2C168&ssl=1)
Today, On 4th November, Aditya Birla Finance and Glas Trust petitioned the NCLT to replace the resolution professional managing Byju’s insolvency, claiming only one entity is classified as a financial creditor, resulting in a single-member Committee of Creditors. The NCLT will hear the case next week, following a stay on CoC meetings.
The Supreme Court will hear a US creditor’s appeal against an NCLAT judgment on September 17. The judgment halted insolvency proceedings against BYJU’s and approved its Rs 158.9 crore settlement with the BCCI. The court has agreed to hear another related plea on the same date, following multiple requests to expedite the hearing.
Today, On 6th September, The Supreme Court agreed to hear a plea about insolvency proceedings against ed-tech company Byju’s. This case involves the company’s financial challenges and its settlement of dues with the BCCI. Both parties are seeking an expedited hearing, and the court has stayed a previous NCLAT judgment concerning the case. The case revolves around a sponsorship agreement default with the BCCI.
Byju Raveendran filed a caveat with the Supreme Court on August 3 against US-based creditor Glas Trust Company LLC, following an NCLAT order. The NCLAT had restored Byju’s board and overturned insolvency proceedings against the edtech company. This preemptive legal move aims to ensure a fair hearing before any potential challenge by Glas Trust.
NCLAT Chennai today has approved Byju’s settlement with BCCI, halting insolvency proceedings against the edtech firm. Repayment source was confirmed, safeguarding financial creditors’ interests. The tribunal criticized unnecessary complexity and stressed the importance of settlement. With this decision, insolvency proceedings against Think and Learn will cease, and the firm will not form a Company of Creditors.
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.