BCCI hints at settlement talks with Byju's, matter adjourns to Wednesday

BCCI-Byju’s settlement: The Board of Control for Cricket in India (BCCI) on Tuesday sought a day's adjournment at the National Company Law Appellate Tribunal (NCLAT), indicating ongoing settlement discussions with Byju's.

During the hearing on the plea filed by Byju's promoter against insolvency proceedings, Solicitor General of India Tushar Mehta, representing the BCCI, informed the bench that "some talks" were in progress. He requested the bench to adjourn for a day, which was accepted by the new bench.

Senior advocate Mukul Rohatagi appeared for US-based creditor Gas Trust LLC, which is claiming a default of Rs 8,000 crore in loans.

Byju's Founder Byju Raveendran's plea was listed before a new bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain. On Monday, Justice Sharad Kumar Sharma had recused himself from the hearing, citing his prior role as counsel for the BCCI before his elevation.

The NCLAT was hearing a petition filed by Raveendran challenging the initiation of insolvency proceedings against Think & Learn, the company that operates the ed-tech firm Byju's.

The Bengaluru bench of the National Company Law Tribunal (NCLT) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI. The BCCI approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of Rs 158.9 crore by Think & Learn, once India's most valuable startup with an estimated worth of $22 billion.

The NCLT suspended the board of Think & Learn Pvt Ltd and appointed an interim resolution professional (IRP) to manage the debt-ridden firm.

At the time of the NCLT's admission of BCCI's plea, Byju's expressed hope for an "amicable settlement" with the BCCI. "We wish to reach an amicable settlement with BCCI and are confident that, despite this order, a settlement can be reached. Our lawyers are reviewing the order and will take necessary steps to protect the company's interests," a Byju's spokesperson said on July 16.

Raveendran challenged the NCLT order before the NCLAT and has also approached the Karnataka High Court, seeking to suspend the NCLT order until the NCLAT hears the appeal. 

(With PTI inputs)