New Delhi:

India’s education sector, especially offline coaching centres, was once booming. The country played a key role in the global education landscape, with the largest network of higher education institutions in the world. When Covid-19 hit in 2020 and a lockdown was imposed, all classes were forced to go online. Everyone thought this would change education in India forever, breaking down barriers and making quality learning accessible at a click for everyone. Professors recorded their lessons and students began learning at their convenience.

However, what once was flourishing, began collapsing soon.

Financial crisis, lower input costs, and cases of illegal registrations have been some of the factors responsible for the downfall of the edtech system in India.

Why is online edtech not booming?

After years of online education, many parents are sending their children back to offline classes. According to reports, this is mainly due to a lack of motivation.

Institutes like Coursera, Udemy, and Byjus offer online courses wherein teachers record their lectures or set a time for live discussions and students join in. But a report by Udemy claimed that most students complete just 30 per cent of the content and leave. Some even pay for the course, but never start it.

Similarly, Byjus which offers online learning programs, has been facing a severe funding crunch. It became popular during the Covid-19 pandemic and its valuation shot up to $22 billion in 2022. But since then, it has faced demands for unpaid dues and allegations of mismanagement. It also allegedly entered into insolvency after US lenders complained to the Supreme Court last year about the misuse of $1 billion borrowed by the company.

But then why are offline education centres collapsing?

Many key factors such as financial crisis and safety issues recently have contributed to the collapse of the sector.

FIITJEE centres shut down

FIITJEE (Forum For Indian Institute of Technology-Joint Entrance Examination)  has been going through a crisis amid speculation over the institute’s financial crisis and troubles due to fresh administrative and civic action against its branches for violating licensing and fire safety rules. At least eight FIITJEE coaching centres across North India have abruptly shut over the past week, leaving hundreds of students and parents fuming ahead of board and entrance examinations.

The closure came after several teachers at the institute quit en masse due to unpaid salaries, officials said.

Many parents have filed police complaints, alleging that the private coaching institution did not give them any notice or their refunds. Several pictures and videos showed the parents protesting outside the institute’s now-shut branches.

Accidents and crackdown

In 2023, a massive fire erupted at a coaching institute in Mukherjee Nagar in Delhi, injuring over 60 students. Last year, three civil services aspirants lost their lives after a sudden surge in rainwater flooded the basement of a building in central Delhi’s Old Rajinder Nagar, where Rau’s IAS Study Circle ran a coaching centre. The three victims – Shreya Yadav (25) from Uttar Pradesh, Tanya Soni (25) from Telangana and Nevin Delvin (24) from Kerala – drowned in the flooded basement.

The Delhi government since then begun a big crackdown against coaching centres in the national capital. Over 20 centres – which violated safety norms – were sealed immediately in the aftermath of the basement tragedy. Civic authorities also took out bulldozer action near institutes where encroachment led to blocked drains, compounding the waterlogging issue.

Amid the crackdown, officials also found several coaching institutes that had illegal or no registered documents.

The founder of bankrupt Indian tech firm Byju’s tried to use loan proceeds that he allegedly hid from US lenders to secretly buy back a software company that was taken over by an American trustee, according to a new court filing.

Byju Raveendran has been trying to regain control his capsizing education technology empire, which is under court supervision in both India, where the parent is based, and the US, where some of its valuable units are located, according to a court declaration filed by Nebraska businessman William R. Hailer. 

Raveendran allegedly recruited Hailer, who is a former political consultant, to try to buy out US creditors owed more than $1.2 billion under a loan, according to the filing with the US Bankruptcy Court in Delaware. Raveendran could then swap that debt, which was trading at about 0.24 cents on the dollar as of Wednesday evening, for ownership of Epic!, a education-software firm. The plan ultimately failed.

“Over the last several months I have been used as a pawn in Byju’s manipulation of the law,” Hailer wrote in his testimony. Hailer is set to testify in federal court on Thursday on behalf of a trustee, which is planning to sell Epic! in order to raise money for Byju’s creditors, including US lenders. 

A representative of Byju’s and a lawyer for Raveendran did not return requests for comment.

Raveendran has denied wrongdoing in past responses to lender allegations, saying his actions were a justified response to overly aggressive tactics used by creditors who specialize in squeezing money out of distressed companies. 

This summer, when Hailer began negotiating with lenders, Raveendran wired $11.25 million to a company that Hailer ran called Rose Lake Inc. Hailer was supposed to use the cash to prove to lenders that he was well funded. The money was then to be returned to Raveendran, Hailer said.

The money came from OCI Ltd., a UK-incorporated logistics firm that received hundreds of millions of dollars in loan proceeds that US lenders have been trying to reclaim, according Hailer’s court filing.

Hailer said he tried unsuccessfully to gather proof that OCI was still holding money on behalf of Byju’s, even though Raveendran has claimed all the cash has been spent. For several months, Hailer said he regularly spoke with Raveendran and other Indian business people involved in the Byju’s empire. Hailer also visited Raveendran’s family compound in Dubai for talks with investors who were allegedly backing Raveendran’s effort to regain control of Byju’s.

Lenders have been fighting Byju’s in both US state and federal courts for more than a year. Lenders claim Raveendran hid $533 million in loan proceeds that should have been repaid to creditors. In India, Byju’s is facing an insolvency proceeding, where a court-appointed professional has been tasked with raising money to repay lenders. 

The case is Epic! Creations, Inc., 24-11161, US Bankruptcy Court, District of Delaware (Wilmington).

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

New Delhi:

Byju Raveendran, the founder of troubled edtech firm Byju’s, on Thursday said that he is willing to pay back all the money owed to lenders if they are willing to work with him.

During a two-and-a-half-hour call with the media, Mr Raveendran said lenders will not get any money if the process of insolvency against the company continues.

“If they are willing to work with me, I am willing to give them money back before I take a single rupee out. We paid $140 million but they wanted the entire $1.2 billion which we had already committed or invested by then. There is no way we could have given them back for a long time. Most lenders wanted to settle but one or two wanted to make a killing out of it,” Mr Raveendran said.

At present, Byju’s is undergoing insolvency proceedings, triggered after the BCCI approached the National Company Law Appellate Tribunal to recover its Rs 158.9-crore dues. The company settled the dispute with BCCI after paying the entire dues following which NCLAT revoked the insolvency proceedings.

However, US lenders through their agent Glas Trust challenged the NCLAT order in the Supreme Court which restored the insolvency proceedings against the edtech firm.

Byju’s has raised a $1.2 billion Term Loan B (TLB)– a loan which is issued by institutional investors –through its holding company Byju’s Alpha, from US-based lenders.

The trouble for Think and Learn, which owns the Byju’s brand, began after the lenders through Glas Trust approached Delaware Court of Chancery alleging default in the payments under the loan agreement and sought early payment of the $1.2-billion TLB.

The US-based lenders through Glas have filed claims of $1.35 billion dues in Indian courts during ongoing insolvency proceedings against the edtech firm.

In the latest statement, the lenders have raised their total claim to $1.5 billion.

Mr Raveendran said that no money raised from US lenders has come to India as it also needs permission from the Reserve Bank of India.

He said that there are some aggressive lenders who initiated a case against the company and they don’t care about stakeholders in the business as it is their business model to make money out of distress.

Mr Raveendran said that all the deals and acquisitions were approved by the Byju’s board, which included leading investors.

“Most of the acquisitions were brought in by the investors and we got carried away. Investors wanted us to launch in 40 countries together. Investors celebrated when we raised a $1.2-billion loan,” Mr Raveendran said.

Byju’s board member representing Peak XV Partners, earlier known as Sequoia Capital India, Prosus and Chan Zuckerberg Initiative resigned from the company in June 2023.

Mr Raveendran said that investors resigned from the board after Glas Trust filed a case in the Delaware court assuming that the liability to pay back the loan would fall on them.

He said that, over the years, only managers have left the company and five out of six owners of Byju’s are still with the firm.

Mr Raveendran said that he is hopeful of making a big comeback after the insolvency issue is resolved.

“Our subsidiary has not taken any hits. At a consolidated level, we will have more than Rs 5,000 crore in revenue. We are struggling in the core business which has become zero. Still, there are 200 million kids who come to our platform every month. We have to revamp and revive,” he said.

Mr Raveendran said that whatever may be the result of litigation, he will continue to teach and nobody could stop him from teaching students.

“Investors will come back when they see value,” he said. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

The insolvency appellate tribunal NCLAT did not apply its mind at all while closing the insolvency proceedings against Byju’s, the Supreme Court has said, noting that it has approved the edtech major’s dues settlement worth crores with the BCCI.

The National Company Law Appellate Tribunal (NCLAT)’s relief for Byju’s came on August 2 after it approved Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI).

It came as a huge relief for founder Byju Raveendran, which put him back in control. But the relief didn’t last long with the Supreme Court on August 14 staying its operations on an appeal by Glas Trust Company LLC, an US-based creditor of the edtech firm.

The top court had asked the BCCI to keep the amount it received as part of the settlement in a separate bank account.

“The company is in debt of Rs 15,000 crore. When the quantum of the debt is so large, can one creditor (BCCI) walk away saying one promoter is ready to pay me,” said a bench headed by Chief Justice D Y Chandrachud.

The bench, also comprising Justices J B Pardiwala and Manoj Misra, hinted that it may send the case back to the appellate tribunal.

“Why pick up BCCI and settle with them only from your personal assets…The NCLAT accepts this all without applying its mind to it,” the bench said.

The top court hearing on the US firm’s appeal, which began on Wednesday, will resume today.

Arguing for the Glas Trust LLC, senior advocate Shyam Divan said the NCLAT shouldn’t have stopped the insolvency proceedings against Byju’s after the BCCI claimed the settlement amount and called the settlement money paid to the BCCI “tainted”.

Advocates Abhishek Singhvi and NK Kaul, representing Byju’s, said the money was paid by Riju Raveendran, brother of Byju Raveendran, from his personal assets and there was nothing wrong with NCLAT closing the insolvency case.

Solicitor General Tushar Mehta, appearing for the BCCI, echoed the same stand and said the cricket board got its claim from the personal assets of a person.

The US firm had earlier told the court that the interim resolution professional (IRP) dealing with the insolvency case against Byju’s had wrongly removed it from the committee of creditors. It had said it held 99.41 per cent stake in the company, which has been reduced to zero by the IRP while those with 0.59 per cent stake now have it all.

Under the “team sponsor agreement” between Byju’s and the BCCI, which was signed in 2019, the edtech firm had to pay a sponsorship fee for the exclusive rights to display its brand on the Indian cricket team’s kit. The payments continued till 2022, but after that, Byju’s had defaulted on the sponsorship fee of Rs 158.9 crore.

The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore.

New Delhi:

US lenders represented by Glas Trust have countered BYJU’s founder Byju Raveendran’s claim on verified debt on the company being merely around Rs 20 crore, and have said that the beleaguered edtech firm will have to pay the entire USD 1.2 billion Term Loan B along with interest.

The founder of Think and Learn (TLPL) and owner of BYJU’S brand, Byju Raveendran, had about a week ago said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust.

“Neither Byju nor the IRP have the authority to disqualify any term loan lender ‘and even if they did, BYJU’s would still be obligated to repay the full amount of the loan plus interest. Any argument otherwise is illegitimate, and Byju knows it,” a steering committee of the ad hoc group of term loan lenders to Byju’s Alpha, Inc said in a statement.

Glas Trust has sued BYJU’S for the recovery of USD 1.2 bn TLB in US as well as in India.

The financial trouble of once the most-valued Indian edtech firm BYJU’S started after US-based lenders started legal action against the company to recover USD 1.2 billion TLB.

The lenders have alleged that BYJU’S group firm BYJU’S Alpha secured USD 1.2 billion Term Loan B , which is a loan given by institutional investors, and moved USD 500 million out of the US in breach of loan agreement norms.

BYJU’S has countered the allegation levelled by the lenders.

The lenders panel said almost all key personnel have abandoned BYJU’s, including the chief executive officer, chief financial officer and General Counsel, and it has now seen a second auditor resign in less than two years due to BYJU’S inability to explain away the whereabouts of the USD 500 million, among other reasons.

According to BYJU’S, lenders represented by Glas Trust wrongly accelerated the loan in March 2023 which was to be repaid in November 2026.

The Insolvency Resolution Professional (IRP) has not admitted USD 1.35 billion debt claim made by Glas Trust during an ongoing insolvency proceedings against BYJU’S.

The lenders’ panel said BYJU’S does not have the power to disqualify any lenders and the power belongs exclusively to Timothy R Pohl, as the sole director and officer of BYJU’s Alpha, Inc, as recognized by the Delaware court, and Pohl has never disqualified any lender.

The lenders’ panel said that Raveendran continues to make false statements to the public in a desperate effort to conceal that he very likely orchestrated the theft of more than USD 500 million and shift the blame for his failures in managing Think & Learn.

Raveendran, however, maintains his stand on Glas Trust represented lenders that they are not eligible to recover dues.

“Under the credit agreement, not just The Borrower but even the parent company TLPL has the right to disqualify Lenders. Tim Pohl is simply a nominee of the lenders. He does not have any powers to disqualify lenders, nor can his nomination take away the contractual right that TLPL has to disqualify lenders,” Byju said.

The lenders’ panel also countered Raveendran’s statement that Glas-represented lenders will have to prove that they are not a distress fund in New York court to proceed on their demand which is difficult for them.

“Whether any lender is a ‘distressed fund’ is not on trial in New York. Additionally, the New York litigation is not a prerequisite to these proceedings,” the panel said.

“The price of the TLB instrument has no bearing upon the validity of Glas’ claim or the amounts owed by BYJU’s. BYJU’s borrowed USD 1.2 billion (plus interest). It does not need to pay more if loan trading prices go up, and it does not need to pay less if the loan trading prices go down. This is a basic tenet of how the finance markets work,” the panel said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

On August 14, the Supreme Court stayed the verdict of NCLAT, setting aside the insolvency proceedings, approving its ₹158.9 crore dues settlement with the Indian cricket board.
| Photo Credit: Reuters

The Supreme Court on Wednesday (September 11, 2024) said it will hear on September 17 the appeal of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal (NCLAT), which had stayed insolvency proceedings against ed-tech firm BYJU’s and approved its ₹158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI.)

A Bench comprising Chief Justice D.Y. Chandrachud and Justices J.B. Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case.

The plea was mentioned by senior advocate N.K. Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm.

Mr. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. “We will hear both the pleas on September 17,” the CJI said.

Senior advocate Shayam Divan, appearing for the U.S.-based creditor, said let the matters be heard together on September 17. Earlier on August 22, the Bench had refused to pass an interim order to ensure that the Committee of Creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27.

The Bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the U.S.-based creditor against the judgment of appellate insolvency tribunal NCLAT.

The plea was mentioned earlier also on August 20 by Byju’s and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm.

In a major setback to Byju’s, the top court, on August 14, stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its ₹158.9 crore dues settlement with the Indian cricket board.

The August 2 verdict of the NCLAT had come as a huge relief for Byju’s as it had effectively put its founder Byju Raveendran back in control.

The top court, however, had prima facie termed the NCLAT verdict as “unconscionable” and stayed its operation while issuing notices to Byju’s and others on the appeal of the ed-tech firm’s U.S.-based creditor against the judgment of the insolvency appellate tribunal.

The case stemmed from Byju’s default on a ₹158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of ₹158 crore it had received from Byju’s after a settlement in a separate escrow account till further orders.

“Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of ₹158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders,” the Bench had said.

The NCLAT had approved the ₹158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju’s. Byju’s had entered into a “Team Sponsor Agreement” with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team’s kit and some other benefits. Byju’s had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of ₹158.9 crore.

After insolvency proceedings were initiated, Byju’s entered into a settlement with the BCCI. On July 16, the Bengaluru Bench of the National Company Law Tribunal (NCLT) had admitted ‘Think and Learn’, Byju’s parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost ₹158.9 crore.

While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company’s board of directors, and brought it under moratorium by freezing its assets.

The U.S.-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju’s.

Byju’s logo is seen in this illustration taken on June 22, 2023. File Photo
| Photo Credit: REUTERS

Education technology company Byju’s auditor BDO Global has resigned after the startup did not provide documents requested following the start of insolvency proceedings, Byju’s said on Saturday.

Byju’s is fighting several battles including the insolvency proceedings and a $1 billion claim from U.S.-based Glas Trust.

BDO was appointed auditor earlier this year after Byju’s former auditor, Deloitte, left the company, citing several issues with the company’s financial reporting.

The auditor said in a letter to the company dated Tuesday that despite “inordinate” delays in filing its financials for the year ended March 2023, management had provided inadequate support to complete the audit.

“We have reasons to believe that the management of the company lacks transparency with respect to providing full information to the auditor for their consideration and evaluation,” BDO wrote in the letter, seen by Reuters.

Byju’s defended its inability to provide the documents, saying in a statement that BDO had requested the materials from the firm’s board, which has been suspended due to the insolvency proceedings. The letter should have been addressed to the insolvency professional in control of the firm at the time, the edtech firm said.

BDO in its email to the board said it had sought a detailed forensic review of transactions involving a Dubai-based subsidiary.

The auditor did not respond to requests for comment about its resignation on Saturday.

In its statement, Byju’s called for a forensic audit of BDO’s resignation by the insolvency professional, who was appointed by an Indian court.

Backed by General Atlantic, Byju’s was valued at $22 billion in 2022, but it has seen its fortunes plummet due to many regulatory issues and more recently a dispute with U.S. banks demanding $1 billion in unpaid dues, triggering the company’s insolvency, which led to an assets freeze.

The Court had issued notice to Byju Raveendran, his company Think and Learn Private Limited and the BCCI.
| Photo Credit: ANI

The Supreme Court on Thursday (August 22, 2024) did not heed repeated requests by debt-ridden ed-tech firm Byju’s and the Board of Control for Cricket in India (BCCI) to defer the Committee of Creditors (CoC) from meeting.

A three-judge Bench headed by Chief Justice of India D.Y. Chandrachud had, on August 14, stayed the operation of a National Company Law Appellate Tribunal (NCLAT) decision allowing Byju’s to pay a settlement amount of ₹158 crore to the BCCI.

Also Read: How India’s Byju’s went from startup star to facing insolvency

The order followed an appeal filed by U.S.-based lender Glas Trust Company Limited liability company (LLC), a financial creditor — which said it had a claim of ₹8,500 crore over the ed-tech firm.

On August 22, the Bench gave Glas Company, represented by senior advocate Shyam Divan, time to respond to an affidavit filed by the opposite party.

Senior advocate A.M. Singhvi, for Byju’s, said the court must “balance equities” on its side too. Solicitor General Tushar Mehta, for BCCI, said “98% of the CoC was Mr. Divan’s client”.

Mr. Divan said his client had not constituted a CoC. Senior advocate Kapil Sibal, who joined the hearing on the side of Mr. Divan, said the stay order on August 14 was itself a result of the court’s prima facie findings leaning in favour of Glas.

The NCLAT decision on August 2 allowing the settlement, was based on the reasoning that BCCI would not accept any tainted money. The amount of ₹158 crore was offered by Riju Raveendran, Byju’s brother. It was generated in India, for which income tax was paid. The money was received through banking channels.

Glas had argued that the “drill of the law” was not followed in the settlement between Byju’s and the BCCI. The U.S. lender had said, as a major financial creditor, it should have gotten priority in repayments. Mr. Singhvi had described Glas’s appeal as a show of ego.

“Apart from an ego, he (Glas) has a claim of ₹8,500 crore,” the Chief Justice reacted.

The Court had issued notice to Byju Raveendran, his company Think and Learn Private Limited and the BCCI.

Byju at the time of admission of BCCI plea by NCLT had said it is hopeful of reaching “an amicable settlement” with the BCCI. File
| Photo Credit: Reuters

The BCCI on July 30 sought a day’s adjournment at appellate insolvency tribunal NCLAT, saying talks are going on with Byju’s, hinting at the possibility of a settlement.

When the hearing on the plea filed by Byju’s promoter against insolvency proceedings started at The National Company Law Appellate Tribunal (NCLAT), Solicitor General of India Tushar Mehta — appearing for the cricket body — informed the Bench that “some talks” are on.

He requested the Bench to adjourn for a day, which was accepted by the new Bench.

Senior advocate Mukul Rohatagi was appearing for a U.S.-based creditor Gas Trust LLC, which is claiming default of ₹8,000 crore loans.

Byju’s Founder Byju Raveendran’s plea was listed before a new Bench comprising Justice Rakesh Kumar Jain and Jatindranath Swain.

On July 29, Justice Sharad Kumar Sharma had recused from the hearing and said he had earlier appeared as the counsel for the Board of Control for Cricket in India (BCCI) before his elevation.

The NCLAT was hearing a petition filed by Mr. Raveendran challenging the initiation of insolvency proceedings against Think & Learn, which runs the edtech company Byju’s.

The Bengaluru Bench of the National Company Law Tribunal (NCLT) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI.

The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of ₹158.9 crore by Think & Learn — once India’s most valuable startup worth an estimated USD 22 billion.

The NCLT has suspended the board of Think & Learn Pvt. Ltd as per the provisions of the IBC and appointed an interim resolution professional (IRP) to take care of the debt-ridden firm.

Byju at the time of admission of BCCI plea by NCLT had said it is hopeful of reaching “an amicable settlement” with the BCCI.

“As we have always maintained, we wish to reach an amicable settlement with BCCI and we are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company’s interests,” a Byju’s spokesperson had said on July 16.

Mr. Raveendran challenged the NCLT order before the NCLAT. He has also approached the Karnataka High Court.

At the high court, Mr. Raveendran challenged the validity of the order and sought the suspension of the NCLT order till the NCLAT hears the appeal.

Chennai:

A judicial member of the National Company Law Appellate Tribunal (NCLAT), Chennai, on Monday recused himself from hearing a plea by Byju’s Founder Byju Raveendran against the insolvency petition against his company, Think & Learn Private Ltd.

Justice Sharad Kumar Sharma, a judicial member of the Chennai bench of the NCLAT, recused himself stating that he had appeared for the Board of Control for Cricket in India (BCCI) as a senior counsel in a number of cases.

“I will not venture into this. I have been a regular counsel for the BCCI in a number of cases,” he said.

He also directed that the case be placed before the NCLAT Chairperson for the nomination of an appropriate bench.

The NCLT, Bengaluru, had ordered insolvency proceedings against Think & Learn Private Ltd following a BCCI petition claiming a default of Rs 159 crore.

The NCLT had earlier appointed Pankaj Srivastava as an interim resolution professional to oversee the management of Byju’s, temporarily suspending the power of the board of directors.

Byju Raveendran had moved the NCLAT against the insolvency proceeding order.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)