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NCLAT dismisses Byju's settlement plea
The Statesman Kolkata
|April 19, 2025
The Chennai bench of the NCLAT upheld the directions passed by the NCLT
The National Company Law Appellate Tribunal (NCLAT) has set aside the appeals filed by the Board of Control for Cricket in India and Riju Raveendran, brother of Byju Raveendran, seeking withdrawal of insolvency proceedings against Byju's and to consider the settlement between the beleaguered edtech company and the BCCI.
They had challenged the order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT), which had on February 10, 2025 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.
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