NCLT reserves order on appeals filed by BJYU's creditors

The National Company Law Tribunal (NCLT) has reserved its order on the Board of Control for Cricket in India’s (BCCI) plea, withdrawing the insolvency petition against the edtech startup BJYU's.

By  Storyboard18Jan 10, 2025 10:10 AM
NCLT reserves order on appeals filed by BJYU's creditors
NCLT has also reserved its order on the Board of Control for Cricket in India’s (BCCI) plea, withdrawing the insolvency petition against BYJU's, on January 9, 2025.

The National Company Law Tribunal (NCLT) has reportedly reserved its order on the appeals filed by creditors of BYJU’S -- Glas Trust and Aditya Birla Finance, seeking to be added to the committee of creditors (CoC), on January 9.

NCLT has also reserved its order on the Board of Control for Cricket in India’s (BCCI) plea, withdrawing the insolvency petition against the edtech startup.

The appeals pertain to the insolvency resolution professional of the edtech startup -- Pankaj Srivastava, removing Glas Trust and Aditya Birla Finance from the reconstituted CoC.

In November (2024), BCCI approached the NCLT to seek the withdrawal of insolvency proceedings against BYJU's, followed by the setback at the Supreme Court, which quashed an order from the NCLAT that had permitted a settlement between the ed-tech giant and the BCCI.

The NCLAT had allowed the BYJU’s -- BCCI settlement, but the Supreme Court on October 23 set aside an order that permitted a Rs 158 crore settlement. The NCLAT had dismissed insolvency proceedings against BYJU’s following a settlement with the cricket board, but the court found this violated the procedures under the Insolvency and Bankruptcy Code (IBC).

The Supreme Court’s decision has put additional pressure on BYJU's, as US-based lenders have separately filed with the NCLT, seeking the removal of the Insolvency Resolution Professional (IRP) and calling for a fresh constitution of the CoC. The NCLT is scheduled to hear arguments on these matters on November 18.


Tags
First Published on Jan 10, 2025 10:10 AM

More from Storyboard18

How it Works

No Small Feat: Building a ratings agency in India cost upwards of Rs 1,000 crore

No Small Feat: Building a ratings agency in India cost upwards of Rs 1,000 crore

How it Works

Microsoft lays off 830 employees in home state of Washington

Microsoft lays off 830 employees in home state of Washington

How it Works

Two channels acquire vacant MPEG-4 slots of DD Free Dish in 89th e-auction

Two channels acquire vacant MPEG-4 slots of DD Free Dish in 89th e-auction

How it Works

Fashion brands see 97% video completion rate on CTV, southern cities lead engagement surge: VDO.AI report

Fashion brands see 97% video completion rate on CTV, southern cities lead engagement surge: VDO.AI report

How it Works

Haryana bets big on global tourism; announces to build India's own Disneyland

Haryana bets big on global tourism; announces to build India's own Disneyland

How it Works

As Zee eyes Rs 2,237 cr cash push, Chandra spurs governance debate, rejects loan claims

As Zee eyes Rs 2,237 cr cash push, Chandra spurs governance debate, rejects loan claims

How it Works

Advertisers on X’s hashtag ban and vertical ad pricing: Inward focus could trigger lower ad spends

Advertisers on X’s hashtag ban and vertical ad pricing: Inward focus could trigger lower ad spends

Brand Makers

The trio of video, social and retail to lead India’s adex growth in 2025: MAGNA

The trio of video, social and retail to lead India’s adex growth in 2025: MAGNA