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Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement
Livemint
·
5m ago
Medial
Byju's suspended directors are contesting a ₹158 crore settlement with the BCCI amid insolvency proceedings. The National Company Law Appellate Tribunal (NCLAT) is set to decide if the settlement was made before the Committee of Creditors (CoC) was formed. If favored, Byju's would exit insolvency. Byju's insolvency arose from a sponsorship payment default, causing disputes, particularly with dominant creditor Glas Trust. The case continues in the NCLAT.
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Byju’s insolvency: Suspended directors challenge NCLT ruling reinstating lenders, cite prejudice
Livemint
·
6m ago
Medial
The suspended directors of Byju's have appealed to the National Company Law Appellate Tribunal (NCLAT) against an insolvency court's decision favoring lenders as financial creditors without resolving its ₹158 crore settlement with the BCCI. The petition argues that the tribunal's ruling could keep the insolvency process in force, affecting Byju’s control. The case involves a significant stake held by Glas Trust, representing most of the creditors' claims, amidst disputed settlement proceedings.
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Byju’s insolvency: NCLT approves new resolution professional | Company Business News
Livemint
·
5m ago
Medial
Embattled ed-tech giant Byju's has appointed Shailendra Ajmera as the new resolution professional to oversee its bankruptcy proceedings, replacing Pankaj Shrivastava as per a Bengaluru insolvency court directive. The National Company Law Tribunal (NCLT) had initially questioned Shrivastava's suitability for the role. Ajmera, renowned for handling complex insolvency cases, faces a challenging task amid disputes between Byju's creditors and former directors, particularly regarding a controversial ₹158 crore settlement with the BCCI.
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No stay on NCLT order for CoC vetting of BCCI-Byju’s deal
Economic Times
·
5m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) recently denied interim relief to Byju’s director Riju Ravindran, who sought to prevent his Rs 158-crore settlement with the Indian cricket board from being presented to Byju's committee of creditors (CoC). Ravindran argued the settlement predates CoC formation, but insolvency law necessitates CoC approval for withdrawals. The situation arose after Byju's faced insolvency proceedings, initiated by the Board of Control for Cricket in India over sponsorship dues.
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Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint
Livemint
·
11m ago
Medial
The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.
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SC issues notice to Byju's resolution professional, Glas Trust, Riju Ravindran
Economic Times
·
2m ago
Medial
The Supreme Court issued notices to involved parties regarding Byju's insolvency case after BCCI and Riju Ravindran sought withdrawal of proceedings due to a Rs 158 crore settlement before the creditors' committee was constituted. The court has not restrained the resolution professional from asset disposal, with interim relief to be considered in the next hearing on July 21. Ravindran’s counsel also requested maintaining a status quo on the Corporate Insolvency Resolution Process.
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Supreme Court sets aside NCLAT ruling on Byju's settlement with BCCI
Economic Times
·
9m ago
Medial
The Supreme Court has overturned the NCLAT's approval of a settlement deal between Byju's and BCCI. The court cited procedural lapses in the settlement process and directed BCCI to deposit Rs 158 crore with the committee of creditors of Byju's parent company. The committee of creditors is instructed to maintain this amount in an escrow account and abide by further directions from the NCLT.
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Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach
Livemint
·
9m ago
Medial
The Supreme Court has overturned a previous order by the National Company Law Appellate Tribunal (NCLAT) that had halted insolvency proceedings against Byju's, an edtech company in India. The court ruled that Byju's must follow the established protocols under the Insolvency and Bankruptcy Code (IBC) to address its debt owed to the Board of Control for Cricket in India (BCCI). The court also directed Byju's to deposit the settlement amount into an escrow account controlled by the Committee of Creditors (CoC). The Supreme Court criticized the NCLAT for misusing its powers and bypassing proper procedures in permitting the withdrawal of the insolvency application.
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SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo
Economic Times
·
10m ago
Medial
The Supreme Court has temporarily halted all meetings related to the insolvency proceedings of edtech firm Byju's. The court directed the interim resolution professional to maintain status quo and not hold any meetings of the creditors' committee. The SC reserved its verdict on an appeal by US lender GLAS Trust against the approval of a settlement deal between Byju's and its operational creditor, the Board of Control for Cricket in India (BCCI). The court questioned Byju's decision to settle its debt with BCCI while leaving substantial dues owed to other creditors.
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Byju’s insolvency proceedings: Glas Trust dropped from committee of creditors
Economic Times
·
11m ago
Medial
Glas Trust Co LLC, the trustee for lenders owed $1.2 billion from Byju’s, has been removed from the committee of creditors by the insolvency resolution professional. The decision was made because Glas Trust does not represent the minimum 51% of lenders required to be part of the CoC. The US lenders have also moved to seek the removal of the insolvency resolution professional. Byju’s had disqualified most of the lenders represented by Glas Trust, citing its right to exclude predatory lenders. The Supreme Court is also hearing an appeal by Glas Trust opposing a settlement deal with BCCI.
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Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday
Economic Times
·
1y ago
Medial
Edtech firm Byju's has moved the Karnataka High Court to challenge the National Company Law Tribunal (NCLT) order on the Board of Control for Cricket in India's (BCCI) insolvency plea. However, the court did not admit the plea, and Byju's plans to approach the National Company Law Appellate Tribunal (NCLAT) on Monday. Byju's has been admitted into insolvency over unpaid dues of ₹158 crore related to sponsorship rights from the BCCI. Founder Byju Raveendran stated that the insolvency process could lead to a total shutdown of services and halt operations.
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