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.
Today(on 23rd July), Finance Minister Nirmala Sitharaman announced plans to revise the Insolvency and Bankruptcy Code (IBC) to strengthen NCLT tribunals and improve asset recovery. The changes aim to enhance the efficiency of handling stressed assets. Additional tribunals for the NCLT and an integrated technology platform are part of the proposed reforms.
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Today, 19th April, The Supreme Court ruled that special courts led by sessions judges have the authority to try offenses under the Insolvency and Bankruptcy Code (IBC), contradicting the Bombay High Court’s interpretation. This broadens the scope of courts eligible to handle IBC cases. The ruling resulted from a Division Bench decision, sending the case back to the High Court for a new verdict.
