Supreme Court Rejects BCCI, Riju Raveendran's Insolvency Appeals

The Supreme Court upheld the rejection of appeals by BCCI and Byju's co-founder Riju Raveendran against the insolvency proceedings of Byju's. The decision disappoints Byju's founders, who remain hopeful for a resolution in the future, contending issues around the timing of their settlement proposal.

The Supreme Court has upheld an order dismissing the appeals filed by the Board of Control for Cricket in India (BCCI) and Byju's co-founder Riju Raveendran. They sought to reverse insolvency proceedings against Byju's.

Justices J B Pardiwala and R Mahadevan ruled against the appeals, supporting a prior verdict by the National Company Law Appellate Tribunal (NCLAT). Byju's counsel expressed disappointment, emphasizing the impact on students and employees.

The proceedings around Byju's insolvency were complicated by a proposed settlement, rejected by Glas Trust, a financial creditor. The Supreme Court's decision emphasizes adherence to insolvency regulations and the timing of settlement proposals.