BCCI seeks withdrawal of insolvency petition against Byju's in NCLAT
BCCI) Tuesday sought withdrawal of its insolvency petition against embattled edtech firm Byju's in the National Company Law Tribunal (NCLT).
The move by the cricket control board follows a Supreme Court of India ruling on October 23, which quashed a National Company Law Appellate Tribunal (NCLAT) order allowing a settlement between BCCI and Byju's. On August 2, NCLAT’s Chennai bench approved Byju’s founders’ settlement of the Rs 158 crore payment owed to BCCI, helping the edtech company avoid bankruptcy.
The matter will be heard on November 18.
Meanwhile, Byju's lenders have opposed BCCI’s withdrawal application saying that the committee of creditors (CoC) needs to take a decision before any such plea is made.
“The CoC needs to be formed and it has to take a decision,” a counsel for Aditya Birla Finance argued before the NCLT.
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