The National Company Law Appellate Tribunal (NCLAT) Chennai on Wednesday refused to grant interim relief to Riju Raveendran, a director at troubled edtech giant Byju’s, in his plea to exclude a Rs 158 crore settlement with the BCCI from the oversight of the Committee of Creditors (CoC).
Riju, the younger brother of Byju’s founder Byju Raveendran, argued that the settlement with the Board of Control for Cricket in India (BCCI) had been finalised before the CoC was constituted. However, the tribunal did not provide immediate relief, scheduling the next hearing for March 3.
The lenders, including Glas Trust (US-based) and Aditya Birla Finance, strongly opposed the plea, calling the settlement amount “tainted money”. Notably, Glas Trust holds a 99.41% voting share in the CoC. The high stake holding of Glas makes its claims highly influential in the case.
Both Byju’s and BCCI have refuted these allegations, insisting the settlement money was clean and tax-paid.
Earlier this month, Riju Raveendran had also approached the NCLAT against an NCLT order that reinstated Glas Trust and Aditya Birla Finance in the CoC of Byju’s.
With the next hearing of Riju’s plea on March 3, it comes after an order from NCLT on January 29. The order mandated the initiation of disciplinary proceedings against Byju’s resolution professional (RP), holding him accountable for his actions. Specifically, it overturned his previous decision to exclude Aditya Birla Finance and Glas Trust from the Committee of Creditors (CoC).