Byju’s Settles Dues With BCCI; Riju Raveendran To Pay Rs 158 Cr In Outstanding Amount | Companies News

Arun Kathpalia, the founder’s legal counsel, on Wednesday told the National Company Law Appellate Tribunal (NCLAT) that a portion of the settlement amount was already paid on Tuesday. The remaining payment will be handled by board member Riju Raveendran, who is also the brother of Byju Raveendran, the founder.

The BCCI on Tuesday told the NCLAT that it is starting settlement discussions with Byju Raveendran to resolve its dispute with Think and Learn Private Limited. Further, on July 29 Justice Sharad Kumar Sharma of the NCLAT stepped down from hearing  Byju Raveendran’s case.

Raveendran had contested the decision to admit Think and Learn, the parent company of his edtech startup to bankruptcy at the request of the BCCI. Justice Sharma, a judicial member of the NCLAT, explained, ” have appeared as a senior counsel for BCCI. Since they are the main beneficiaries of this order, I cannot take this up.”

The National Company Law Tribunal (NCLT) on July 16, began bankruptcy proceedings against Think and Learn after the BCCI filed a plea due to an unpaid amount of Rs 158 crore.

As a result of the NCLT’s order, Raveendran lost immediate control of Think and Learn. The tribunal appointed a bankruptcy professional to manage the company’s daily operations during the proceedings. On July 23, Raveendran requested an urgent hearing from the NCLAT to address the situation.