The Board of Control for Cricket in India (BCCI) on Tuesday told the National Company Law Appellate Tribunal (NCLAT) that it is in initial settlement talks with edtech firm Byju’s.
When the hearing on the plea filed by Byju’s promoter against insolvency proceedings started at the NCLAT, Solicitor General Tushar Mehta — appearing for the BCCI — informed the bench that “some talks” are on.
Mehta requested the bench to adjourn proceedings for a day, which was accepted by the new bench.
Senior advocate Mukul Rohatgi appeared for a US-based creditor Gas Trust LLC, which is claiming default of Rs 8,000 crore 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 from the hearing and said he had earlier appeared as the counsel for BCCI before his elevation.
The NCLAT was hearing a petition filed by Raveendran challenging the initiation of insolvency proceedings against Byju’s parent Think & Learn, which runs the edtech 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 had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of `158.9 crore by Think & Learn — once India’s most valuable startup worth an estimated $22 billion.
The NCLT has suspended the board of Think & Learn as per the provisions of the IBC and appointed an interim resolution professional (RP) to take care of the debt-ridden firm.
Raveendran at the time of admission of the BCCI plea by the NCLT had said it is hopeful of reaching an amicable settlement with the BCCI.
The Byju’s CEO had challenged the NCLT order before the NCLAT. He has also approached the Karnataka High Court.
At the high court, Raveendran challenged the validity of the order and sought the suspension of the NCLT order till the NCLAT hears the appeal.