NCLT asks resolution professional in Byju’s case to submit BCCI withdrawal application The move by the BCCI follows a Supreme Court ruling quashing an NCLAT order
NCLT Directs Byju’s Resolution Professional to Submit BCCI Withdrawal Application
In a significant development for Byju’s, the National Company Law Tribunal (NCLT) has instructed the resolution professional handling the case to submit a withdrawal application concerning the Board of Control for Cricket in India (BCCI). This directive comes in the wake of a recent Supreme Court of India ruling that quashed a prior order from the National Company Law Appellate Tribunal (NCLAT). The NCLAT had previously allowed the settlement of a substantial payment amounting to Rs 158 crores.
Background of the Case
The legal tussle surrounding Byju’s has attracted considerable attention, particularly as the edtech giant grapples with its financial obligations. The Supreme Court’s decision on October 23, which nullified the NCLAT’s order, has added another layer of complexity to the ongoing resolution process. The BCCI’s involvement stems from a contractual relationship that Byju’s had with the cricketing body, which has now become a focal point in the resolution proceedings.
Implications for Byju’s
This latest directive from the NCLT could have far-reaching implications for Byju’s as it navigates its financial restructuring. The resolution professional’s timely compliance with the NCLT’s order is crucial for the company to move forward and settle its outstanding dues. The case highlights the intricate balance between corporate governance and legal frameworks in India, especially in the rapidly evolving edtech sector.
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Conclusion
As the situation unfolds, all eyes will be on Byju’s and its resolution professional to see how they will tackle this latest challenge. The intersection of law and business continues to be a hotbed of activity, reminding us that in the world of corporate affairs, change is the only constant.
