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NCLAT grants creditors final say on Byju's-BCCI deal
April 19, 2025
|Mint New Delhi
Glas Trust, with 99.41% voting share, opposes BCCI settlement; insists funds must be used for Byju's creditors first
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea by Riju Raveendran, suspended director of bankrupt edtech firm Byju's, to prevent its creditors from deciding on a ₹158 crore settlement with India's cricket board.
The decision by NCLAT's Chennai bench on Thursday deals a significant blow to both Riju and founder Byju Raveendran, as it effectively gives the creditors all the powers to decide the fate of a ₹158 crore settlement with BCCI, keeping the promoters out from decision-making on the issue. The committee of creditors (CoC) is dominated by creditors who oppose the settlement.
هذه القصة من طبعة April 19, 2025 من Mint New Delhi.
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