The Board of Control for Cricket in India (BCCI) and Riju Ravindran, co-founder of Byju’s, have contested a National Company Law Tribunal (NCLT) order concerning the insolvency resolution of the edtech firm. This dispute, centred on a Rs 158-crore sponsorship deal settlement, arises from the NCLT’s directive to the Committee of Creditors (CoC) to decide on the application, despite the agreement being made prior to the CoC’s formation.
Senior advocate CK Nandakumar, representing the BCCI, argued before the National Company Law Appellate Tribunal (NCLAT) that the decision should not have been delegated to the creditors, given the timing of the settlement, the Economic Times reported.
The BCCI initiated insolvency proceedings against…
