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Glas Trust seeks rejection of withdrawal application in Bjyu’s insolvency case

Economic Times · 6m

Glas Trust, representing US entities that lent $1.2 billion to Byju's, disputes the maintainability of the withdrawal application for the insolvency petition filed by the Board of Control for Cricket in India (BCCI). Glas Trust argues that the application should be rejected, stating that it should have been submitted by the interim resolution professional (IRP) rather than the resolution professional (RP), as per proper procedure. They also argue that the application is no longer relevant since the committee of creditors (CoC) has already been formed. The matter is being heard in the National Company Law Tribunal (NCLT).