A photograph of Byju's owner Byju Raveendran.
Credit: Reuters Photo
New Delhi: The BCCI on Tuesday 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 US-based creditor Gas Trust LLC, which is claiming default of Rs 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 Monday, 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 Raveendran challenging the initiation of insolvency proceedings against Think & Learn, which runs the edtech company Byju's.
The Bengaluru bench of the National Company Law Tribunal (NCLT) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI.
The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of Rs 158.9 crore by Think & Learn -- once India's most valuable startup worth an estimated USD 22 billion.
The NCLT has suspended the board of Think & Learn Pvt Ltd as per the provisions of the IBC and appointed an interim resolution professional (IRP) to take care of the debt-ridden firm.
Byju at the time of admission of BCCI plea by NCLT had said it is hopeful of reaching "an amicable settlement" with the BCCI.
"As we have always maintained, we wish to reach an amicable settlement with BCCI and we are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company's interests," a Byju's spokesperson had said on July 16.
Raveendran challenged the NCLT order before the NCLAT. He has also approached the Karnataka High Court.
At the high court, Raveendran challenged the validity of the order and sought the suspension of the NCLT order till the NCLAT hears the appeal.