Key Points
Byju Raveendran may be breathing a sigh of relief after the National Company Law Appellate Tribunal (NCLAT) halted insolvency proceedings and approved a settlement between the Board of Control for Cricket in India (BCCI) and Byju's (Think & Learn Pvt Ltd)..
This order seems like a mockery of the Insolvency and Bankruptcy Code (IBC), said legal experts...
According to the undertaking, Riju Raveendran, the largest shareholder of the company and Byju's brother, made a payment of 50 crore on July 31 against the outstanding dues of 158 crore owed by Byju's to BCCI..
However, Byju's representatives presented the source of the money and the income tax filings at NCLAT, clarifying that Riju is paying the money himself, not using funds from creditors or the company..
On the record, Byjus has yet to settle claims from Oppo Mobiles India Private Limited (1 crore), Cogent E-services Limited (6.7 crore), McGraw Hill Education India Pvt Ltd (1.7 crore), and I-energizer (13 crore)..
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