India News | SC Admits Appeal of BYJU'S Promoters Against NCLAT Order; Issues Notices to GLAS and IRP
Get latest articles and stories on India at LatestLY. The Supreme Court on Thursday admitted the appeals filed by the promoters of Byju's challenging the NCLAT Chennai order which denied the withdrawal of insolvency proceedings initiated by the BCCI, despite a full and final settlement of dues prior to the constitution of the Committee of Creditors (CoC).
New Delhi [India], May 29 (ANI): The Supreme Court on Thursday admitted the appeals filed by the promoters of Byju's challenging the NCLAT Chennai order which denied the withdrawal of insolvency proceedings initiated by the BCCI, despite a full and final settlement of dues prior to the constitution of the Committee of Creditors (CoC).
A vacation bench of Justices Vikram Nath and Sanjay Kumar also issued notices to Pankaj Srivastava, former interim resolution professional of Think and Learn, and US based Glas Trust company LLC.
The bench today heard arguments and scheduled the case for hearing on July 21. The apex court also said that the court will consider interim relief on the next date of hearing.
Appearing on behalf of Byju's promoters, Senior advocate KK Venugopal contended that "A Rs. 158 crore settlement between BYJU'S and BCCI was fully agreed upon, paid, and formally communicated to the IRP well before the CoC was constituted."
Building further on the argument, senior counsel Guru Krishna Kumar sought relief from the Supreme Court, "The Resolution Professional (IRP) handling Think & Learn's (BYJU's) insolvency in India, has withdrawn legal proceedings in the US initiated by Think and Learn against the lenders. This is leading to substantial assets of the company in the US being disposed off."
On April 17, the National Company Law Appellate Tribunal (NCLAT) had set aside the appeals filed by BCCI and Byju's Riju Ravindran seeking withdrawal of insolvency proceedings against Byju's.
They had challenged in NCLAT, the order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT), which had on February 10, directed to place their settlement offer before the new CoC, in which US-based Glas Trust, the trustee for lenders to which Byju's owes $1.2 billion, is a member.
Filing the appeal in the top court, BCCI and Ravindran have sought a withdrawal of the insolvency proceedings saying they have entered into a settlement of Rs 158 crore, and this was done much before the constitution of CoC. (ANI)
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