BCCI tells NCLT that it will move application for withdrawal of insolvency plea against Byju’s
The Hindu
BCCI to withdraw insolvency plea against Byju's after Supreme Court sets aside NCLAT judgement, NCLT hearing scheduled.
The Board of Control for Cricket in India (BCCI) on Tuesday (November 12, 2024) told the National Company Law Tribunal (NCLT), Bengaluru that it would move an application for withdrawal of its insolvency plea against ed-tech firm Byju’s.
Last month, Supreme Court had set aside a judgement of the National Company Law Appellate Tribunal (NCLAT) allowing a ₹158 crore settlement between ed-tech firm Byju’s with the Board of Control for Cricket in India (BCCI), noting that there was “grave deviation from procedure” in bringing the case to the NCLAT itself.
The NCLAT had set aside the insolvency proceedings against Byju’s parent Think & Learn Private Limited. Byju’s U.S.-based creditor Glas Trust Company LLC had moved the apex Court against the NCLAT verdict.
The settlement was offered by Riju Raveendran, brother of Byju Raveendran from his personal assets.
On Tuesday (November 12, 2024), BCCI told the NCLT that it has communicated to Byju’s resolution professional to move an application for withdrawal of the insolvency plea and it would be done in a couple of days.
Meanwhile, Glas Trust sought for removal of the resolution professional and re-constitution of committee of creditors and its views also be heard as per the directions of the apex court.
NCLT directed all parties to make their pleadings within the next three days and posted the case for hearing on Monday.
Equity markets decline on weak earnings, global trends; inflation hits 14-month high, foreign funds exit, oil prices rise.
Swiggy IPO debuts with a 7.69% jump at NSE, market valuation at ₹89,549.08 crore; shares listed at ₹412 on BSE.
Shares in Samsung Electronics fell on Wednesday to their lowest level in more than four years.
Mercedes-Benz India introduces the new Mercedes-AMG C 63 S E Performance sportscar with hybrid powertrain and innovative business model.
Hyundai Motor India Ltd. reports 16% profit decline in Q3 due to market sentiments, geopolitical factors, and Red Sea crisis.
Equity market plunges over 800 points, eroding market capitalisation by ₹5.29 lakh crore amid global economic concerns.
Aurobindo Pharma's CuraTeQ Biologics receives EMA GMP certificate for biosimilars, paving way for European approvals of three products.
BCCI to withdraw insolvency plea against Byju's after Supreme Court sets aside NCLAT judgement, NCLT hearing scheduled.
Natco Pharma's Q2 profits soar 83% to ₹676.5 crore, driven by robust exports and stable domestic business.
India's industrial output rebounds with 3.1% growth in September, led by manufacturing, despite weak electricity and mining sectors.
India's retail inflation hits 6.2% in October, driven by a 10.9% spike in food prices, breaching RBI's upper limit.