In a fresh setback for edtech major Byju’s, the Supreme Court has rejected pleas to withdraw insolvency proceedings filed against the company. The pleas were submitted by the cricket board, BCCI and Byju’s promoter Riju Raveendran.
BCCI had initiated the insolvency petition over unpaid dues amounting to ₹158 crore. The cricket board is now claiming settlement with Byju’s, with Riju Raveendran assuring payment of the outstanding dues.
Citing this proposed settlement, both BCCI and Raveendran sought to withdraw the insolvency proceedings.
However, both had challenged prior orders by the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), which refused to allow the withdrawal.
The tribunals…