dodged a potential “death” as the NCLAT, in an order on Friday, approved the Rs 158 crore settlement between the embattled edtech firm and the BCCI after multiple hearings.
The National Company Law Appellate Tribunal (NCLAT) order, however, noted that if there is a breach of the undertaking given by Riju Raveendran, Byju Raveendran’s brother and a major shareholder in the edtech company, the NCLT order dated July 16 will automatically come back into effect.
This decision comes as a major relief for BYJU’S and its promoters, including Raveendran, who will resume leadership of the company as the corporate insolvency resolution process for BYJU’S parent company, Think and Learn Private Limited (TLPL), is set aside.
The events began on July 16 when the National Company Law Tribunal (NCLT) in Bengaluru admitted a plea filed by the Board of Control for Cricket in India (BCCI), seeking to initiate a corporate insolvency resolution process for TLPL.
