The Board of Control for Cricket in India (BCCI) has informed the National Company Law Appellate Tribunal (NCLAT) that it is currently engaged in preliminary settlement discussions with Byju Raveendran over an ongoing dispute involving Think and Learn Private Limited. This development comes as the NCLAT has postponed the case to July 31 to allow time for these negotiations to proceed.
Solicitor General Tushar Mehta, representing the BCCI, indicated, “The matter may be heard tomorrow; they are in talks.” Consequently, the tribunal has rescheduled the hearing. Senior advocate Mukul Rohatgi, who represents US-based lenders to Think and Learn, has announced intentions to appeal the dismissal of their case following the recent insolvency order.
In a related development, Justice Sharad Kumar Sharma of the NCLAT has recused himself from hearing Byju Raveendran’s plea. Sharma, who previously served as a senior counsel for the BCCI, stated, “I have appeared as a senior counsel for the BCCI. Since they are the main beneficiaries of this order, I cannot take this up.”
The National Company Law Tribunal (NCLT) initiated bankruptcy proceedings against Think and Learn on July 16, following a request from the BCCI due to an outstanding payment of Rs 158 crore. Concurrently, the Karnataka High Court has postponed Raveendran’s plea to suspend the insolvency order until July 30.
Senior advocate Abhishek Manu Singhvi, representing Raveendran, has voiced concerns about the potential formation of a Committee of Creditors (CoC) before the appeal could be addressed. Singhvi likened the situation to “giving a pound of flesh to Shylock” and requested a stay on the CoC formation until the NCLAT reviews the appeal.
Raveendran has filed two petitions with the Karnataka High Court: one challenging the validity of the insolvency order and another seeking to suspend the order pending the NCLAT’s review. As the case continues to evolve, it carries significant implications for both Byju Raveendran and the BCCI as they navigate this intricate legal and financial dispute.
