The National Company Law Appellate Tribunal (NCLAT) Chennai on February 19 refused to grant interim relief to Riju Raveendran, the younger brother of Byju Raveendran, the founder of troubled edtech major Byju's.
Byju's crisis: BYJU'S owner Byju Raveendran photo is seen on his company web page in this illustration. (Reuters)
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Riju Raveendran, a director in the firm, had asked to keep his ₹158 crore settlement with the Board of Control for Cricket in India (BCCI) outside the purview of its Committee of Creditors (CoC), according to a Moneycontrol report.
The CoC is the group of creditors who make decisions for a company that is under insolvency such as Byju's.
Raveendran had argued that the BCCI settlement had been finalised before the CoC was even formed.
However, the Bengaluru bench of the National Company Law Tribunal (NCLT) had directed the BCCI to to submit the ₹158 crore settlement plea before the CoC.
If this were accepted, Byju's would then be able to exit insolvency proceedings.
However, the CoC which includes lenders such as the US-based Glas Trust and Aditya Birla Finance opposed this. Glas Trust in particular has a 99.41% voting share in the CoC due to its enormous ₹11,432 crore claim, according to the report.
The NCLT on January 29 had passed an order directing disciplinary proceedings against Byju’s resolution professional (RP) and overturned his decision to exclude Glas Trust and Aditya Birla Finance from the CoC, the report read.
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