The Supreme Court has agreed to examine the maintainability of insolvency proceedings initiated against Think & Learn Pvt. Ltd. the parent entity of edtech firm Byju’s, following appeals filed by its promoters and the Board of Control for Cricket in India (BCCI). The matter is slated for hearing on July 21.
The dispute arises from a corporate insolvency application initiated by the BCCI against Think & Learn, alleging non-payment of sponsorship dues. The company, formerly a principal sponsor of Team India, is said to have settled the outstanding amount of ₹158 crore with BCCI prior to the constitution of the Committee of Creditors (CoC). Despite this claimed settlement, the National Company Law Appellate Tribunal (NCLAT) declined to permit withdrawal of the Corporate Insolvency Resolution Process (CIRP), citing the formation of the CoC as a bar.
Senior Advocate K.K. Venugopal, representing the promoters of Byju’s, submitted that the settlement with BCCI was “fully agreed upon, paid, and formally communicated to the interim resolution professional well before the CoC was constituted.” Emphasising the timing of the settlement, he argued that the CIRP ought to be withdrawn in light of this prior resolution.
Appearing in support of the petitioners, Senior Counsel Guru Krishna Kumar raised concern over the resolution professional’s conduct, asserting that legal actions previously initiated by Think & Learn against its U.S.-based lenders had been withdrawn by the interim resolution professional without appropriate cause.
The Supreme Court has admitted the appeals and listed the matter for substantive hearing on July 21. No further directions or interim orders have been reported at this stage.
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