Supreme Court rejects BCCI and Riju Raveendran’s challenge to NCLAT ruling on Byju’s insolvency case. KK Venugopal slams the dismissal mid-argument as “arbitrary.”
![[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 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.