Byju Raveendran files caveat before Supreme Court against creditor Glas Trust Company
Byju Raveendran has filed a caveat before the Supreme Court against its US-based creditor Glas Trust Company LLC over the order passed by the insolvency appellate tribunal NCLAT. The caveat was filed before the apex court on August 3, a day after the National Company Law Appellate Tribunal (NCLAT) passed an order restoring the board of edtech major after setting aside insolvency proceedings against it.
Glas Trust has opposed the Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) alleging the money paid by Riju Raveendran (brother of Byju Raveendran) was tainted and was a case of «round-tripping».
Anticipating the US-based creditor would challenge the NCLAT order before the Supreme Court, Byju Raveendran had filed a caveat requesting to be heard before the apex court passes any order on a plea filed by the US-based creditors.
A Caveat application is filed by a litigant to ensure that no order is passed against them without being heard.
Last Friday, a two-member NCLAT bench had approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against the edtech major, initiated over a claim filed by the cricket body.
The NCLAT had observed that the settlement arrived between the parties before the Committee of Creditors (CoC) could have been constituted and that the source of the payment being made «is not in dispute» nor related to the foreign funds as alleged by the US-based creditors.
«In view of the undertaking given and affidavit filed, the
