NCLAT rejects Riju Raveendran's plea to keep ₹158 crore BCCI settlement outside creditor purview: Report https://t.co/uaJLFz2bVJ
NCLAT refuses stay on CoC reviewing Riju Raveendran’s #BCCI settlement offer https://t.co/YX19OwDAkr @AshmitTejKumar @sheersh0510 https://t.co/Shr695ktKA
#Business | NCLAT declines stay on CoC reviewing Rs 158 crore BCCI-Byju’s settlement offer 🏢🔐 Tap for more info⤵️ https://t.co/m2zmHJqgeX #NCLAT #Byjus #SettlementOffer https://t.co/WXrNMy0WNC
The National Company Law Appellate Tribunal (NCLAT) has declined to grant a stay on the Committee of Creditors' (CoC) review of Riju Raveendran's settlement offer with the Board of Control for Cricket in India (BCCI) related to Byju's. Raveendran, a suspended director at Byju's, sought to keep his ₹158 crore ($19 million) settlement from the edtech firm's creditors. The NCLAT's decision comes amid ongoing scrutiny of Byju's financial dealings, as the company faces significant challenges, including a bankruptcy order against an Indian tycoon linked to a £1 billion ($1.26 billion) debt, which he argues was wrongly issued. The tribunal's refusal to intervene allows the CoC to proceed with its review of the settlement offer, raising questions about the future of Byju's and its financial obligations.