Relief For BYJU’S As NCLAT Allows Settlement With BCCI; Sets Aside Insolvency Proceedings

Relief For BYJU’S As NCLAT Allows Settlement With BCCI; Sets Aside Insolvency Proceedings

SUMMARY

The appellate tribunal dissolved the insolvency resolutions process admitted by the National Company Law Tribunal (NCLT) earlier in July

The NCLAT accepted the settlement arrived between Raveendran and the Board of Control for Cricket in India (BCCI) which will see the former pay INR 158 Cr owed to the latter

It also admitted that the funds that Think and Learn (BYJU’S parent) is paying back to BCCI is coming out of director Riju Ravindran's own pocket as there wasn't any contrary evidence

After a series of delays, the National Company Law Appellate Tribunal (NCLAT) has finally ruled in favour of embattled edtech startup BYJU’S founder and CEO Byju Raveendran.

Today (August 2), the appellate tribunal dissolved the insolvency resolutions process admitted by the National Company Law Tribunal (NCLT) earlier in July. With this, Raveendran as well as other directors are set to regain control of the company. 

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