Byju's insolvency: Riju Raveendran moves NCLT seeking inclusion in case

Riju Raveendran, the largest shareholder of the insolvent edtech firm Byju’s and brother of its founder Byju Raveendran, approached the insolvency tribunal in Bengaluru on Monday, seeking inclusion in the insolvency case. However, the tribunal expressed apprehension about including him in the proceedings.

 

Riju's lawyer pleaded before the tribunal to allow him to defend himself against allegations made by Byju’s lenders, particularly the US-based lender Glas Trust, regarding the source of the Rs 158 crore initially paid to the Board of Control for Cricket in India (BCCI) to settle its dues.

 

Byju’s US-based lenders had opposed the settlement, claiming that the money used to repay BCCI was tainted as it was part of the $533 million that had allegedly gone “missing.”

 

 

The tribunal, however, stated that determining the source of funds falls under the jurisdiction of the income tax authorities and the Enforcement Directorate. It directed the lenders to file objections to Raveendran’s plea and adjourned the hearing.

 

Riju Raveendran, who is also a board member of the company, had previously told the appellate tribunal that the money paid to the BCCI was “clean.” His counsel had argued that the payment to the BCCI was not part of the “missing” $533 million, as alleged by the lenders. The missing money is at the centre of a dispute between the US lenders and Byju's parent company, Think & Learn.