Aug 05, 2024 03:12 PM IST

Byju Raveendran filed a plea in the Supreme Court requesting to be heard before the court decides on a plea which is likely to be filed by US lenders against the National Company Law Appellate Tribunal (NCLAT) order setting aside insolvency proceedings against his edtech company Byju’s. The plea comes after the NCLAT accepted settlement between Byju Raveendran and Board of Control for Cricket in India (BCCI).

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The US based lenders of Byju’s objected to the settlement alleging that it was ‘tainted’ and Byju Raveendran was using money ‘stolen’ from them to settle with BCCI.

The appellate tribunal noted that the settlement is being arrived before the Committee of Creditors (CoC) could have been constituted. Considering that the source of the money (for settlement) is not in dispute, it did not have any reason to keep the company in insolvency process.

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Byju Raveendran’s brother Riju Raveendran agreed to pay ₹158 crore to BCCI and told the court that the money he is paying BCCI is from his personal funds that were generated from the sale of Think and Learn’s shares between 2015 and 2022.

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Riju also filed an undertaking disclosing the source of the funds after objections raised by the US lenders.