Byju Raveendran files petition to Karnataka High Court against NCLAT's Order
Byju Raveendran has requested the suspension of an order that places BYJU’s parent company, Think and Learn Private Limited (TLPL), under insolvency resolution in a new writ petition in the Karnataka High Court. The National Company Law Appellate Tribunal (NCLAT) Chennai bench has been accused of bias by Raveendran.
Senior advocate, Abhishek Manu Singhvi, addressing Raveendran, contended that the NCLAT has deferred his enticement for decide if one of the judges ought to recuse themselves from the case.
Regarding this, Singhvi stated, "The NCLAT bench has adjourned my appeal to another date to decide on whether one of the judges will have to recuse from the plea. If the Committee of Creditors is formed meanwhile, I will be left remediless, it will become irreversible”.
Singhvi expressed concerns that forming the Committee of Creditors (CoC) during this period would leave Raveendran without a remedy, making the situation irreversible. "This is like giving a pound of flesh to Shylock,"
He asked for a hold on the formation of the CoC – Committee of Creditors until the NCLAT hears his appeal and makes a decision. The NCLAT was requested by the high court to hear the plea on July 22 on Friday, on the other hand, asserted that the NCLAT questioned the authority of the high court to direct them to hear the matter immediately.
Singhvi emphasized that BYJU’S is a solvent business with a balance sheet of 6,000 crore rupees.
He referenced that Raveendran has an arrangement to settle all duty charges by October 2024 and is in cutting edge settlement chats with the Leading body of Control for Cricket in India (BCCI). Senior advocate C.K. BCCI’s Nandakumar argued that Raveendran was forum shopping to overturn the NCLT order.
Nandakumar mentioned that Raveendran has also submitted a transfer petition to transfer his appeal to NCLAT Delhi from NCLAT Chennai.
He battled that framing a CoC in the span of a month of the bankruptcy request isn’t plausible and questioned BYJU’S monetary cases, expressing that the organization had not recorded its reviewed monetary record for FY 2023-24. The appeal is expected to be heard by the NCLAT on July 29.
According to reports in the media sources, the NCLAT didn’t like Raveendran’s decision to go to the Karnataka High Court and insisted that the appeal should be handled by the NCLAT in accordance with the Insolvency and Bankruptcy Code (IBC), 2016. On July 16, the NCLT conceded TLPL into the Indebtedness goal process following BCCI’s request over the non-installment of 
158 crore.
158 crore.
Even though the Indian men’s cricket team’s jersey featured the BYJU’S logo prominently, the company failed to pay the BCCI 158 crore in sponsorship fees. Byju’s value has decreased to less than $1 billion from an astonishing $22 billion. Numerous debt recovery lawsuits, the closure of coaching centers due to unpaid rent, and thousands of unpaid employees have all plagued the business.
