BCCI hints at settlement talks with Byju's, NCLAT adjourns matter to July 31
The Hindu
Byju's promoter challenges insolvency proceedings at NCLAT, BCCI seeks adjournment for settlement talks, involving Rs 8,000 crore loans.
The BCCI on July 30 sought a day’s adjournment at appellate insolvency tribunal NCLAT, saying talks are going on with Byju’s, hinting at the possibility of a settlement.
When the hearing on the plea filed by Byju’s promoter against insolvency proceedings started at The National Company Law Appellate Tribunal (NCLAT), Solicitor General of India Tushar Mehta — appearing for the cricket body — informed the Bench that “some talks” are on.
He requested the Bench to adjourn for a day, which was accepted by the new Bench.
Senior advocate Mukul Rohatagi was appearing for a U.S.-based creditor Gas Trust LLC, which is claiming default of ₹8,000 crore loans.
Byju’s Founder Byju Raveendran’s plea was listed before a new Bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain.
On July 29, Justice Sharad Kumar Sharma had recused from the hearing and said he had earlier appeared as the counsel for the Board of Control for Cricket in India (BCCI) before his elevation.
The NCLAT was hearing a petition filed by Mr. Raveendran challenging the initiation of insolvency proceedings against Think & Learn, which runs the edtech company Byju’s.