The insolvency case began when BCCI filed a petition under Section 9 IBC against Byju’s for resolution of debt amounting to ₹158.90 crore. The NCLT admitted this application on July 16, 2024.
Subsequently, Byju’s settled with BCCI and the settlement was approved by NCLAT in July 2024. However, the Supreme Court on October 23 allowed an appeal filed by US-based financial creditor Glas Trust challenging the NCLAT decision to halt insolvency proceedings initiated against Think & Learn, basis the settlement. The apex court asked BCCI to approach NCLT for the settlement.
Although BCCI submitted Form FA (application for withdrawal) to the Interim Resolution Professional (IRP) on August 16, 2024, it specifically instructed the IRP to file the same only after the resolution of an appeal pending before the Supreme Court. The CoC was constituted on August 21, 2024 and the IRP eventually filed the withdrawal application on November 14, 2024.
