 "BCCI accuses Byju's CEO of misleading Karnataka HC in insolvency hearing")
The Board of Control for Cricket in India (BCCI) on Friday alleged before the Karnataka High Court that Byju Raveendran, co-founder of the edtech firm Byju’s, has been “continuously misleading” the court regarding the insolvency proceedings against the company, according to a report by Bar and Bench.
Solicitor General Tushar Mehta, representing BCCI, argued that Raveendran was desperate to stop the formation of the Committee of Creditors (CoC). Mehta claimed Raveendran had been persistently “troubling the Court morning and evening”, disregarding the statutory timelines set by the National Company Law Tribunal (NCLT), which initiated insolvency proceedings for Think and Learn on July 16.
Raveendran had recently filed a petition before the Karnataka High Court to suspend the insolvency proceedings and delay the CoC’s formation until the National Company Law Appellate Tribunal (NCLAT) in Chennai could hear Byju’s appeal. Senior Counsel Abhishek Manu Singhvi, representing Raveendran, argued that the CoC might be constituted by August 2 and that without a stay, the petitioner would be left without remedies if the NCLAT did not hear the appeal in time.
Mehta countered, stating that the CoC formation was not imminent and would not happen before July 31, allowing the High Court to schedule a hearing for July 30, following the NCLAT’s hearing on July 29.
Justice SR Krishna Kumar acknowledged the repeated appearances by Raveendran and Byju's, noting that he had heard their petitions multiple times in the past month and a half. He agreed to schedule the hearing for July 30.
Supporting the BCCI, senior counsel Mukul Rohatgi accused Raveendran of filing multiple cases on the same issue, adding that Byju’s should not be heard due to its conduct. Rohatgi emphasised that Raveendran had approached various courts and judges, seeking relief from the insolvency proceedings.
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Justice SR Krishna Kumar acknowledged the repeated filings by Raveendran and Byju’s over the past month and a half but stated, “I am not saying you can’t come, but I am saying that I remember you.”
Byju's debt and insolvency proceedings
The insolvency proceedings were initiated by BCCI, citing unpaid dues of Rs 158 crore related to sponsorship rights. The NCLT admitted BCCI’s plea on July 16, triggering the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) for Think and Learn. Pankaj Srivastava was appointed as the resolution professional to manage the company’s affairs.
Byju’s is currently facing claims from multiple creditors, with the total amount due exceeding Rs 200 crore, including BCCI. Other creditors include Oppo, which is owed Rs 13 crore, Surfer Technologies, with claims over Rs 2 crore, Cogent E Services, which is owed over Rs 6 crore, McGraw Hill Education India, which is owed approximately Rs 1.75 crore, and iEnergizer Services, which is owed approximately Rs 13 crore.
On July 25, Raveendran filed a new petition to suspend insolvency proceedings until the NCLAT (National Company Law Appellate Tribunal) in Chennai decided on his appeal against the NCLT order.