Byju's Founder Challenges NCLT Insolvency Order

Byju's founder Byju Raveendran's plea against the insolvency proceedings of Think & Learn was adjourned as a NCLAT bench member recused. The case now awaits reassignment. Raveendran is contesting the NCLT's order that admitted BCCI's plea under the IBC due to a Rs 158.9 crore default.

Byju's founder Byju Raveendran's legal challenge against the insolvency proceedings of Think & Learn was postponed on Monday after a member of the NCLAT bench recused himself from the hearing.

The case will now be placed before NCLAT Chairman Justice Ashok Bhushan, who will reassign the matter to a different bench for hearing.

Raveendran's petition contests the initiation of insolvency proceedings against Think & Learn, which operates the edtech company Byju's. The case was initially listed before a two-member Chennai-based NCLAT bench but had to be rescheduled as Justice Sharad Kumar Sharma recused himself, citing previous involvement as counsel for the Board of Control for Cricket in India (BCCI), the primary beneficiary of the order.

The Bengaluru bench of the NCLT on July 16 initiated the Corporate Insolvency Resolution Proceedings (CIRP) against Think & Learn, following BCCI's plea under the Insolvency and Bankruptcy Code (IBC) over a Rs 158.9 crore default.

The NCLT has since suspended the board of Think & Learn and appointed an interim resolution professional to manage the debt-ridden firm. Raveendran has challenged the order at the NCLAT and also approached the Karnataka High Court, where his plea's next hearing is scheduled for July 30.

(With inputs from agencies.)