Comments
Justice Sharad Kumar Sharma of the National Company Law Appellate Tribunal (NCLAT) Chennai bench on Monday recused himself after hearing a plea filed by Byju Raveendran seeking an interim stay on the insolvency proceedings against Think and Learn, the parent company of the edtech firm Byju’s.
Justice Sharma recused himself as he had been counsel for the Board of Control for Cricket in India (BCCI). The matter will be out before the Chairperson to form another bench to hear the matter, said sources.
The counsels for the petitioner - Byju Raveendran - will write to the NCLAT Registry seeking listing of the matter before another bench.
On July 16, the National Company Law Tribunal in Bengaluru admitted an insolvency plea filed by BCCI against Think and Learn. The BCCI had filed the insolvency plea over unpaid dues related to sponsorship rights worth ₹158 crore. The admission triggered the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) for Think and Learn.
The NCLT then appointed a resolution professional to manage all affairs of the company in the interim.
On July 23, Raveendran moved the NCLAT with the present petition seeking an urgent hearing.
On July 26, the Karnataka High Court deferred Raveendran’s plea to suspend the order that admitted Think and Learn Private Limited into insolvency to July 30. Raveendran has filed two petitions in the Karnataka High Court. One challenges the validity of the order, the second seeks suspension of the order till the NCLAT hears the appeal.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.