Supreme Court Upholds NCLAT Decision on Byju's Insolvency Case

The Supreme Court dismissed Byju Raveendran's plea against an NCLAT order directing that the BCCI's claim settlement be presented to the Committee of Creditors in Byju's insolvency proceedings. The case revolves around a sponsorship dues dispute between Think and Learn Private Limited and the BCCI.

The Supreme Court, on Friday, rejected Byju Raveendran's petition against an NCLAT order regarding the insolvency proceedings of his education technology firm, Byju's. The issue pertains to a settlement with the BCCI over unpaid sponsorship dues.

A bench comprising Justices J B Pardiwala and K V Viswanathan found no merit in the appeal against the April 17 directive from the Chennai bench of the National Company Law Appellate Tribunal. Senior counsel Navin Pahwa, representing Raveendran, was advised to proceed accordingly.

In April, NCLAT determined that any withdrawal of insolvency proceedings necessitates prior approval from the Committee of Creditors, despite the BCCI's request to retract its insolvency application. Raveendran had earlier paid the BCCI dues, but the Supreme Court on August 14, stayed the NCLAT's acceptance of the settlement.

(With inputs from agencies.)