Byju Raveendran on Thursday moved a fresh writ petition in Karnataka High Court for suspension of the order admitting Byju’s parent Think and Learn (TLPL) to insolvency resolution process alleging prejudice by National Company Law Appellate Tribunal’s (NCLAT) Chennai bench.

Senior advocate Abhishek Manu Singhvi, who appeared for Raveendran, said if the committee of creditors is formed it will become irreversible and the company will be eft with no remedies.

Singhvi said that Byju’s is a solvent company and has Rs 6,000 crore on its balance sheet. According to him, Raveendran has a roadmap to clear all the company’s dues by October 2024 and is in advanced settlement talks with the Board Of Control for Cricket in India (BCCI).

Opposing Singhvi’s contention, senior advocate CK Nandakumar, who appeared for BCCI, said that Raveendran was merely forum hunting to somehow obtain a stay of the NCLT order. Nandakumar alleged that Raveendran has also filed a transfer petition before the NCLAT Delhi to get his appeal transferred out of NCLAT Chennai.

Nandakumar also contended that a CoC cannot be formed within a month of the insolvency order being passed. He disputed the fact that Byju’s has shown Rs 6,000 crore in its balance sheet and contended that they had not filed their audited balance sheet for the financial year ended 2023-24.

The court is expected to continue hearing the case on Friday, while the NCLAT is scheduled to take up the company’s appeal on July 29.

Meanwhile, the Karnataka High Court has adjourned the hearing of Qatar Investment Authority’s (QIA) case against Raveendran to August 26.