# GLAS Trust Company LLC v. Byju Raveendran & Others

> SC judgment dated 2024-10-23. Citation: TCN-2024-SC-00020. This case involves an appeal against the National Company Law Appellate Tribunal (NCLAT) order…

- **Court:** SC
- **Order date:** 23 Oct 2024
- **Citation:** TCN-2024-SC-00020
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/glas-trust-company-llc-vs-byju-raveendran-ors-5db94b9f

## Summary

### Background

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

…

## Facts

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

…

## Issues and analysis

### Issue 1: Whether the appellant, who is not a party to the settlement between the second respondent and the …

**Ratio:** Section 62 of the IBC stipulates that “any person” who is aggrieved by the order of the

…

**Reasoning:** The Court reasoned that once the CIRP is initiated, the proceedings are no longer

…

**Interpretation:** The phrase "any person aggrieved" in Section 62 of the IBC should be

…

**Application:** The appellant, GLAS Trust Company LLC, as a financial creditor whose claims had

…

## Parties

- **Judges:** Dr Dhananjaya Y…
- **Appellants:** GLAS Trust…
- **Respondents:** Think and Learn…; BYJU RAVE…
- **Other parties:** 8th Edition…; Withdrawal…; +12 more

## Timeline

- **2019-07-25 — Team Sponsor A…**: The Board of Control for Cricket in India (BCCI) executed a ‘Team Sponsor Agreement' with…
- **2021-11-24 — Credit and Guarantee…**: Byju's Alpha Inc. availed a loan facility aggregating to approximately USD 1,200,000,000…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/supreme-court-of-india/glas-trust-company-llc-vs-byju-raveendran-ors-5db94b9f