New Delhi: The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea by Riju Raveendran, suspended director of bankrupt edtech firm Byju’s, to prevent its creditors from deciding on a ₹158 crore settlement with India’s cricket board.
The decision by the NCLAT’s Chennai bench on Thursday deals a significant blow to both Riju and founder Byju Raveendran, as it effectively gives the creditors all the powers to decide the fate of the ₹158 crore settlement, keeping the promoters out from decision-making on the issue. The committee of creditors (CoC) is dominated by creditors who oppose the settlement.
The plea by Riju Raveendran had challenged a 10 February order by the Bengaluru bench of the National Company Law…
