BENGALURU: The National Company Law Appellate Tribunaldismissed attempts by Byju’s founder Byju Reveendran’s brother Riju Ravindran and cricket body BCCI to withdraw insolvency proceedings against the edtech firm without creditor approval.This decision reinforces the authority of the committee of creditors (CoC) in thecorporate insolvency case.
NCLAT upheld an earlier decision by the Bengaluru bench of the National Company Law Tribunal (NCLT), which declined to immediately approve the out-of-court settlement between BCCI and Byju’s. The appellate tribunal stated that since the settlement proposal came after the formation of the CoC, it cannot proceed without the consent of 90% of the creditor group, in line with Sec 12A of Insolvency…
