Glas Trust, which represents a group of US entities that lent $1.2 billion to beleaguered edtech firm Byju’s, on Monday questioned the maintainability of the withdrawal application for the insolvency petition filed by the Board of Control for Cricket in India (BCCI’s) against the company.
Glas Trust argued in the National Company Law Tribunal (NCLT) that the application should be rejected. It stated that the application, which the resolution professional (RP) claims the BCCI filed before the committee of creditors (CoC) was formed, should have been submitted by the interim resolution professional (IRP), not the RP, according to proper procedure.
“A stage where the COC is not yet constituted, the IRP continues to be in operation….
