SC junks BCCI, Riju Raveendran plea on Byju’s settlement

The Supreme Court on Monday upheld an order rejecting the appeals of the BCCI and Byju's co-founder Riju Raveendran seeking withdrawal of insolvency proceedings against his company.

- Press Trust of Ini

‘Abench comprising Justices J B Pardiwala and R Mahadevan dismissed the appeals filed by the Board of Control for Cricket in India (BCCI) and Raveendran challenging the National Company Law Appellate Tribunal (NCLAT) verdict on April 17.

BCCI and Raveendran had previously challenged an order of the Bengaluru bench of the National Company Law Tribunal, which on February 10 directed to place their settlement offer before the new Committee of Creditors (CoC), in which US-based Glas Trust, the trustee for lenders to which Byju’s owes $1.2 billion, is a member.