Byju Raveendran filed a writ petition in the Karnataka High Court to stay the insolvency procedure initiated against his company’s parent entity Think and Learn Private Limited (TLPL) alleging the Chennai’s National Company Appellate Tribunal (NCLAT) to be prejudiced. This is as per a report by Moneycontrol
Abhishek Manu Singhvi, the senior advocate, appearing for Raveendran stated that that his appeal over the recusal of one of the judges of the bench has been adjourned by the NCLAT, and that if a committee of creditors is formed during that period, they would take over the company without letting them argue their appeal.
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Currently, Raveendran is not in control of the company as NCLAT’S bankruptcy appointed professionals are overseeing the day-to-day operations as the preceding continue.
Singhvi further stated that Byju’s is still a solvent company as it has Rs 6000 crore on its balance sheet. According to Singhvi, Raveendran has a clear plan to clear all the company’s dues by October 2024 and stated that he is in advanced talks with the Board of Control of Cricket in India (BCCI).
On July 16, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against Byju’s over a plea submitted by BCCI over non-payement of RS 158 Crore.
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It was alleged that the edtech had failed to pay the sponsorship dues of Rs 158 Crore when the edtech’s logo was emblazoned on the Indian team’s Jersey.
Opposing Singhvi’s claims, Nandakumar who appeared for BCCI stated that Raveendran is seeking a stay on the legal dispute to find a favourable court or jurisdiction to hear his case hoping to get his case transferred from NCLAT Chennai.
Nandakumar also contested the claims of Byju’s balance sheet of Rs 6000 crore as he claimed that the company is yet to file its balance sheet for the financial year 2023-24 as per reports.
The Karnataka court case is expected to continue hearing the case on Friday with NCLAT scheduled to take up the company’s appeal on July 29.
This is the second plea that Raveendran had submitted to the High Court with the other one challenging the validity of the insolvency claims filed by several investors.
