Meanwhile, the BCCI argued that their application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the proceedings, must be heard first.
It contended that if the application for withdrawal were to be allowed, the other pleas filed by the creditors would not stand. In other words, the BCCI has contended that if the settlement between it and the former management of Byju’s is accepted, the order admitting the company to insolvency would go.
BCCI’s counsel, Senior Advocate CK Nandakumar further told the tribunal that the application for withdrawal will be filed shortly.
Senior Advocate KG Raghavan, appearing for Riju Raveendran (brother of Byju Raveendran), added that the Supreme Court’s direction was for the…
