(CTN News) – The National Company Law Appellate Tribunal (NCLAT) decided on Monday to postpone the hearing in which Byju Raveendran, the developer of Byju, appealed against the insolvency of Think & Learn.
The hearing itself was scheduled to take place on Monday. The reason for this was due to the fact that one of the members of the bench had decided to withdraw from their participation in the hearing.
The petition will be heard by a court that will be presided over by Justice Ashok Bhushan, who is also the Chairman of the National Company Law Appellate Tribunal (NCLAT). The court will be presented with the petition in the near future.
Following the conclusion of the proceedings, the subject will be addressed by a new bench, selected by Justice Bhushan.
In an effort to oppose the starting of the insolvency proceedings against Think & Learn, the firm that operates the educational technology company Byju’s, Raveendran had submitted a petition.
Byju petitioned to prevent proceedings from starting.
Raveendran’s objective was to challenge the insolvency procedures through the use of this appeal. Monday was the day that the Byju matter was brought before a panel of the National Company Law Appellate Tribunal (NCLAT), which was situated in Chennai.
Justice Sharad Kumar Sharma, who was a member of the judicial branch, and Jatindranath Swain, who was a member of the technical branch, were the two individuals that made up the panel.
However, Justice Sharma noted that he had Byju previously appeared as the counsel for the Board of Control for Cricket in India (BCCI) prior to his elevation. As a result, he made the choice to exclude himself from the hearing itself instead of participating in the hearing itself.
BCCI has requested that I appear in my capacity as a senior attorney for the institution. “I am unable to take this matter up because they are the primary recipients of this order,” Sharma concluded by saying.
“Apologies for any inconvenience Byju may possibly cause.”
A directive for Corporate Insolvency Resolution Proceedings (CIRP) was given by the bench of the National Company Law Tribunal (NCLT) in Bengaluru on July 16.
This means that the petition that was brought by the Board of Companies and Industries (BCCI) was accepted. The petition was presented on July 16.
In response to Think & Learn’s default of Rs 158.9 crore, the Board of Control for Cricket in India (BCCI) has petitioned the Byju National Company Law Tribunal (NCLT) in accordance with the Insolvency and Bankruptcy Code (IBC). This was done in order to address the situation.
When it was first established, Think & Learn was the most valuable startup in India, with an estimated worth of 22 billion US dollars.
In accordance with the provisions of the Indian Business Code (IBC), the National Company Law Tribunal (NCLT) has decided to suspend the board of directors of Think & Learn Pvt Ltd. Additionally, an interim resolution professional (IRP) has been appointed to handle the activities of the company that is experiencing financial difficulties.
A claim was brought by Raveendran to the National Company Law Tribunal (NCLAT), which is the appellate authority, in response to the order that was issued by the National Company Law Tribunal (NCLT).
He has also enquired into the subject with the High Court of Karnataka, which is an additional point of interest.
The appeal that Raveendran had submitted was supposed to be Byju heard on July 30, but the high court decided to postpone it until July 26. Raveendran had challenged the decision.
On the day when Raveendran appeared before the high court, he claimed that the ruling was not in conformity with the guidelines established by the law.
In addition to this, he requested that the order that had been issued by the NCLT be put on hold until the NCLAT had completed its assessment of the appeal.
SOURCE: BSN
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Salman Ahmad is known for his significant contributions to esteemed publications like the Times of India and the Express Tribune. Salman has carved a niche as a freelance journalist, combining thorough research with engaging reporting.
