This case involves an appeal against the National Company Law Appellate Tribunal (NCLAT) order dated 2 August 2024, which approved a settlement between the Board of Control for Cricket in India (BCCI) and Think and Learn Pvt Ltd (Corporate Debtor), setting aside the National Company Law Tribunal's (NCLT) initiation of Corporate Insolvency Resolution Process (CIRP). The appellant, GLAS Trust Company LLC, a financial creditor, objected to the settlement, questioning the source of funds and alleging preferential treatment. The NCLAT approved the settlement based on an undertaking by Riju Raveendran, a former director, that the funds were from his personal sources and not linked to proceedings in the Delaware Court. The Supreme Court addressed the legal framework for CIRP
…The Board of Control for Cricket in India (BCCI), an operational creditor, initiated CIRP against Think and Learn Pvt Ltd (Corporate Debtor) under Section 9 of the IBC. GLAS Trust Company LLC, a financial creditor, filed a Section 7 petition against the Corporate Debtor. The NCLT admitted the Section 9 petition and disposed of the Section 7 petition, granting liberty to the appellant to file their claims before the IRP. The appellant challenged the order disposing of the Section 7 petition. Riju Raveendran, a former director of the Corporate Debtor, offered a settlement to BCCI to clear the operational debt of Rs 158 crore in three tranches. The NCLAT approved the settlement based on an undertaking by Riju Raveendran that the funds were from his personal sources and
…Sign in to view the parties.
The Board of Control for Cricket in India (BCCI)…
Byju's Alpha Inc. availed a loan facility…
This case involves an appeal against the National Company Law Appellate Tribunal (NCLAT) order dated 2 August 2024, which approved a settlement between the Board of Control for Cricket in India (BCCI) and Think and Learn Pvt Ltd (Corporate Debtor), setting aside the National Company Law Tribunal's (NCLT) initiation of Corporate Insolvency Resolution Process (CIRP). The appellant, GLAS Trust Company LLC, a financial creditor, objected to the settlement, questioning the source of funds and alleging preferential treatment. The NCLAT approved the settlement based on an undertaking by Riju Raveendran, a former director, that the funds were from his personal sources and not linked to proceedings in the Delaware Court. The Supreme Court addressed the legal framework for CIRP
…The Board of Control for Cricket in India (BCCI), an operational creditor, initiated CIRP against Think and Learn Pvt Ltd (Corporate Debtor) under Section 9 of the IBC. GLAS Trust Company LLC, a financial creditor, filed a Section 7 petition against the Corporate Debtor. The NCLT admitted the Section 9 petition and disposed of the Section 7 petition, granting liberty to the appellant to file their claims before the IRP. The appellant challenged the order disposing of the Section 7 petition. Riju Raveendran, a former director of the Corporate Debtor, offered a settlement to BCCI to clear the operational debt of Rs 158 crore in three tranches. The NCLAT approved the settlement based on an undertaking by Riju Raveendran that the funds were from his personal sources and
…The Board of Control for Cricket in India (BCCI)…
Byju's Alpha Inc. availed a loan facility…