BCCI Heads To NCLT After Supreme Court Blocks Byju’s Settlement

The Board of Control for Cricket in India (BCCI) is reportedly planning to approach the National Company Law Tribunal (NCLT) to request the dismissal of insolvency proceedings against Byju’s. The decision follows a recent setback in the Supreme Court which overturned an earlier order from the National Company Law Appellate Tribunal (NCLAT) allowing a settlement between the ed-tech firm and the BCCI.

Previously, the NCLAT had approved a Rs 158 crore settlement between Byju’s and the BCCI and dismissed insolvency proceedings as part of this agreement. However, on 23 October, the Supreme Court invalidated the order, citing non-compliance with procedures set out in the Insolvency and Bankruptcy Code (IBC).

The ruling adds further challenges for Byju’s as US-based lenders have also filed separate petitions with the NCLT. These lenders are seeking to replace the current Insolvency Resolution Professional (IRP) and call for a reconstitution of the Committee of Creditors (CoC). The NCLT is expected to hear these petitions on 18 November.