Controversies Erupt as Byju’s Insolvency Case Heats Up at NCLAT

The insolvency-related case involving edtech firm Byju’s sees revived legal actions. Former Resolution Professional Pankaj Srivastava and former promoters challenge NCLT's decisions in appellate tribunal NCLAT. The tribunal ordered disciplinary action against Srivastava and restored the original creditors’ committee composition earlier altered by Srivastava.

Legal disputes intensify in the ongoing insolvency proceedings of edtech giant Byju's, as former Resolution Professional Pankaj Srivastava contests the recommended disciplinary actions against him made by the National Company Law Tribunal (NCLT).

Concurrently, former promoters, including Riju Raveendran, challenge the tribunal's ruling that reinstated Glas Trust and Aditya Birla Finance in Byju's Committee of Creditors. The matter was heard by the National Company Law Appellate Tribunal (NCLAT), but recent developments have led to a recusal by Justice Sarad Kumar Sharma due to prior associations with a related entity.

NCLT's January directive called for an investigation into Srivastava's actions by the Insolvency & Bankruptcy Board of India, following accusations of misconduct. The tribunal annulled the altered creditors' committee, previously excluding Glas Trust and Aditya Birla Finance, reinstating their original roles.

(With inputs from agencies.)