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BCCI seeks withdrawal of insolvency petition against Byju's in NCLAT

Economic Times · 9m

The Board of Control for Cricket in India (BCCI) has requested the withdrawal of its insolvency petition against edtech firm Byju's in the National Company Law Tribunal (NCLT). This comes after a Supreme Court ruling overturned a National Company Law Appellate Tribunal (NCLAT) decision that allowed a settlement between BCCI and Byju's. However, Byju's lenders have opposed the withdrawal, arguing that the committee of creditors (CoC) needs to make a decision first. BCCI maintains that the settlement was reached before the formation of the CoC. The matter will be heard in court on November 18.