The Insolvency and Bankruptcy Board of India’s Disciplinary Committee (DC) has found that resolution professional acted without authority by reconstituting of committee of creditors (CoC) during the Corporate Insolvency Resolution Process (CIRP) of Byju’s parent company, Think and Learn Private Limited and also found that he filed misleading affidavits before the adjudicating authority.
The matter arose from the CIRP initiated by the NCLT, Bengaluru Bench, on 16 July 2024, in an application filed by the Board of Control for Cricket in India (BCCI). Pankaj Srivastava was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP).
The DC noted that Insolvency…