Byju's Insolvency Battle Takes a New Turn

Byju Raveendran, CEO of an edtech firm, has filed a caveat in the Supreme Court to prevent ex-parte orders regarding a Rs 158.9 crore payment to BCCI, following National Company Law Appellate Tribunal (NCLAT)'s order restoring the firm's board and settling insolvency proceedings. Disputes continue with US-based creditor Glas Trust.

Byju Raveendran, the CEO of an edtech firm, has filed a caveat in the Supreme Court to prevent any ex-parte order regarding a Rs 158.9 crore payment to the Board of Control for Cricket in India (BCCI).

This move comes after the National Company Law Appellate Tribunal (NCLAT) restored the edtech firm's board, following a settlement of insolvency proceedings initiated by the BCCI.

The NCLAT approved the dues settlement, dismissing allegations of 'round-tripping' by US creditor Glas Trust. With tensions rising, Byju's has sought legal protection, highlighting the ongoing battle to avoid insolvency.