Karnataka HC Disposes of Byju Raveendran's Plea Amid NCLAT Hearing

• The Karnataka High Court has disposed of Byju Raveendran's plea to suspend the insolvency resolution process for Think and Learn Private Limited, which operates Byju’s, as the National Company Law Appellate Tribunal (NCLAT) has begun hearing the case.
• The High Court noted that the appeal is already under consideration by the NCLAT and granted liberty to revive the petition if necessary.
• The decision came after lawyers for Raveendran and the Board of Control for Cricket in India (BCCI) agreed to dispose of the case, with BCCI indicating ongoing settlement talks over a Rs 158-crore dispute.
• Senior advocate Abhishek Manu Singhvi, representing Raveendran, expressed concerns about the potential formation of a Committee of Creditors (CoC) if the NCLAT adjourns the plea again, which could leave the company without recourse.
• The National Company Law Tribunal (NCLT) had earlier admitted Byju’s parent company to the insolvency resolution process, appointing Pankaj Srivastava as the interim resolution professional to oversee the firm's operations.

Source: Moneycontrol