Byju's Directors Contest NCLT Ruling in NCLAT

Suspended directors of the bankrupt edtech firm Byju's have approached the National Company Law Appellate Tribunal (NCLAT), challenging a Bengaluru insolvency court's decision to reinstate its lenders as financial creditors while failing to rule on its ₹158 crore settlement with the Board of Control for Cricket in India (BCCI).

- Krishna Yadav

NEW DELHI:

The petition, filed by suspended director Riju Raveendran and current resolution professional Pankaj Srivastava before the Chennai bench of NCLAT, argues that the National Company Law Tribunal (NCLT) had reserved its January 29 order on both the settlement approval and the lenders' challenge. However, the tribunal ruled only on the lenders' plea, leaving the settlement unresolved.

The directors have also objected to the tribunal's decision to remove the current resolution professional, the appointment of a new RP and reinstate a Committee of Creditors (CoC) comprising Aditya Birla Finance Ltd and Glas Trust Co. LLC.