Byju Raveendran Challenges NCLT Order To Include Glas Trust, Aditya Birla Finance In CoC

BYJU’S INR 8,200 Cr Loss In FY22 — Spent INR 13,600 Cr To Earn INR 5,000 Cr

SUMMARY

Byju Raveendran has challenged the National Company Law Tribunal’s (NCLT’s) order to include its creditors Glas Trust and Aditya Birla Finance to the committee of creditors (CoC)

BYJU's founder filed a petition with the National Company Law Appellate Tribunal (NCLAT), in which he called the admission of the creditors to the CoC as “fundamentally flawed”

Raveendran’s counsel argued that the NCLT admitted the CoC constituted by Srivastava on August 21 despite finding lapses in his conduct

Adding another layer to the BYJU’S court room saga, the edtech startup’s founder and CEO Byju Raveendran has now reportedly challenged the National Company Law Tribunal’s (NCLT’s) order to include its creditors Glas Trust and Aditya Birla Finance to the committee of creditors (CoC).

According to a report by ET, the founder filed a petition with the National Company Law Appellate Tribunal (NCLAT), in which he called the admission of the creditors to the CoC as well as reconstitution of the committee to set up the ex- insolvency resolution professional (IRP) Pankaj Srivastava as “fundamentally flawed”