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Byju's Moves Court as CoC Blocks BCCI Deal
Mint Ahmedabad
|February 20, 2025
NCLAT to hear plea by Byju's former directors on ₹158 cr BCCI settlement
Suspended directors of embattled edtech firm Byju's approached the bankruptcy appeals court to prevent its creditors from deciding on a ₹158-crore settlement with India's cricket board.
Byju's Committee of Creditors (CoC) includes US-based Glas Trust Llc. and Aditya Birla Finance.
Riju Raveendran, a former director of Byju's and the younger brother of founder Byju Raveendran, told the National Company Law Appellate Tribunal (NCLAT) on Wednesday that the settlement with the Board of Control for Cricket in India (BCCI) had been finalized before the CoC was constituted.
The Bengaluru bench of the National Company Law Tribunal (NCLT) had on 10 February directed BCCI to submit the ₹158 crore settlement plea to the CoC for approval to facilitate Byju's exit from the insolvency process.
Dit verhaal komt uit de February 20, 2025-editie van Mint Ahmedabad.
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