After a marathon two-hour session, the National Company Law Appellate Tribunal (NCLAT) kept everyone in suspense for another day on Thursday, deferring its decision on the Rs 158 crore settlement between BYJU’S and the Board of Control for Cricket in India (BCCI) for the second day in a row.
The court ran out of time listening to the arguments, leaving the final decision up in the air. The NCLAT adjourned the matter until Friday, instructing that the Committee of Creditors not be established until then.
Today’s session at the NCLAT began with the presentation of an undertaking on behalf of Riju Ravindran, Byju Raveendran’s brother and a major shareholder in the edtech company, as he is making the payment to the BCCI to settle the dues.
It was intended to prove that the source of the funds being used to settle the dues with the BCCI is legitimate and that no court orders were violated in securing the money.
Ravindran’s undertaking stated that the money being used to clear the dues came from his personal funds. He earned Rs 3,600 crore by selling shares of BYJU’S parent company, Think and Learn Private Limited (TLPL), between 2015 and 2020. Ravindran claimed he paid Rs 1,050 crore in income tax, with the remaining Rs 2,600 crore infused back into TLPL.
This story will be updated with more details.
