Page 8 - Nclat

July's salary not paid as firm yet to get control of accounts: Byju's CEO

Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's. However, the Supreme Court on August 14 stayed the verdict of the insolvency appellate tribunal setting aside the insolvency proceedings against the ed-tech major based on a plea of US-based creditor Glas Trust Company LLC. Think and Learn founder and CEO Byju Raveendran in an email to employees said that every legal roadblock has lengthened the company's long trek to recovery but the company is on the verge of reversing the negative business cycle that began two years ago. "I want to address the matter of utmost concern to you - and to me as well. Your salary for

Torrent Power moves NCLAT against Sarda Energy's bid approval for SKS Power

Torrent power has moved the appellate tribunal NCLAT against the approval of Sarda Energy and Mining's resolution plan for the debt-ridden SKS Power Generation. Earlier on August 13, the Mumbai-based bench of the National Company Law Tribunal (NCLT), while approving Sarda Energy and Mining's (SEML) bid, had rejected applications, including of Torrent Power, to acquire SKS Power Generation (Chhattisgarh). Torrent Power had raised objections over the selection process, terming it to be discriminatory, and contended that it has proposed the highest upfront payment. The Torrent group firm also sought a copy of the approved plan, which was rejected by the NCLT. The order has now been challenged by Torrent Power before the Delhi-based bench of the National Company Law Appellate Tribunal (NCLAT). Torrent Power's petition is scheduled for hearing on Tuesday before a three-member bench of the NCLAT headed by its Chairperson Justice Ashok Bhushan. Corporate Insolvency Resolution Process (CI

SC stays NCLAT order approving Byju's settlement of dues with BCCI

The money that Byju's has paid to the BCCI will be kept in a separate escrow account, a bench led by Chief Justice of India (CJI) DY Chandrachud said

SC stays NCLAT verdict approving Byju's dues settlement with BCCI

The Supreme Court on Wednesday stayed the verdict of the insolvency appellate tribunal, NCLAT, approving Rs 158.9 crore dues settlement of edtech major Byju's with the BCCI. A bench headed by Chief Justice D Y Chandrachud also stayed the NCLAT verdict setting aside the insolvency proceedings against Byju's. It issued notices to Byju's on a plea of US-based creditor Glas Trust Company LLC against the NCLAT verdict. The bench, also comprising justices J B Pardiwala and Manoj Misra, directed the BCCI to keep in a separate account Rs 158.9 crore received by it from Byju's in view of a settlement. On August 2, the National Company Law Appellate Tribunal (NCLAT) had approved the Rs 158.9 crore dues settlement with the BCCI and set aside insolvency proceedings against Byju's, a move that will effectively put Byju Raveendran back in control of the firm.

US judge refuses lender request to block edtech firm Byju's payment to BCCI

Expresses deep concern about being asked to interfere with proceedings in another country's judicial system

Byju Raveendran takes charge of Byju's as NCLAT accepts BCCI settlement

The NCLAT noted that "money being offered by the largest shareholder and former promoter (Riju Raveendran) has nothing to do with the US lenders, which gives the court power to rule"

Money paid to BCCI is 'clean money', Riju Raveendran tells NCLAT

Formation of committee of creditors stayed till August 2

NCLAT defers edtech major Byju's, BCCI settlement after lender alert

Raveendran's brother had made part-payment on Tuesday

NCLAT judge recuses from hearing Byju's plea against insolvency proceedings

Byju's Founder Byju Raveendran's plea against the Insolvency of Think & Learn before the NCLAT was adjourned on Monday as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by National Company Law Appellate Tribunal (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of insolvency proceedings against of Think & Learn, which runs edtech company Byju's. The matter was listed on Monday before a two-member Chennai-based bench of the NCLAT comprising Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical). However, Justice Sharma recused himself from the hearing, saying he had appeared as the counsel for the Board of Control for Cricket in India (BCCI) before his elevation. "I have appeared as a senior counsel for (the) BCCI. Since they are the main beneficiaries of this order, I cannot take ...

BCCI accuses Byju's CEO of misleading Karnataka HC in insolvency hearing

Byju's is currently dealing with claims exceeding Rs 200 crore from multiple creditors, including Rs 158 crore owed to BCCI

Byju's moves fresh plea before HC for stay on insolvency proceedings

The edtech firm has urged the Court to stay the insolvency resolution process as well as the formation of the Committee of Creditors (CoC)

Byju's appeals to NCLAT Chennai against insolvency; hearing set for July 29

Byju's owes its creditors - BCCI, OPPO, Surfer Technologies, Cogent E Services, McGraw Hill Education India, and iEnergizer Services - more than Rs 200 crore

Edtech firm Byju's moves NCLAT against NCLT order, seeks urgent hearing

Byju's, once valued at $22 billion, is seeking an urgent hearing at NCLAT against the insolvency order by NCLT based on a plea from BCCI over the non-payment of Rs 158 crore

Byju's knocks at NCLAT door against NCLT's insolvency order in BCCI case

Crisis-ridden Byju's has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of NCLT that allowed cricket board BCCI's petition for initiating insolvency proceedings against the once-famed edtech company, sources said. Sources privy to the development said that the company is seeking an urgent hearing on the matter. Byju's did not comment on the issue. According to sources, Byju's on Thursday moved the appellate tribunal, NCLAT, contesting the recent order of NCLT's Bengaluru bench that had admitted the cricket board's plea to start insolvency proceedings against the parent company Think and Learn, after the edtech firm failed to pay Rs 158.9 crore dues. Founder and CEO Byju Raveendran will report to the resolution professional. NCLT has appointed Pankaj Srivastava as the interim resolution professional. Byju's had previously sponsored the Indian cricket team. Earlier this week, Byju's had said it is hopeful of reaching "an amicable settlement" with

Karnataka HC reserves order on edtech firm Byju's second rights issue

Byju's is currently restricted from issuing shares and using funds raised from a $200 million rights issue until the tribunal decides the matter

NCLAT orders NCLT to hear afresh insolvency plea by APL Apollo Tubes

The National Company Law Appellate Tribunal (NCLAT) has directed the NCLT to hear afresh the insolvency plea filed by APL Apollo Tubes against one of its purchasers of goods. A two-member bench came down heavily on the Bengaluru bench of the National Company Law Tribunal (NCLT) for rejecting claims of APL Apollo Tubes on the "hypothetical interpretation". The NCLAT said the tribunal "should refrain from stepping into the shoes of a litigating party by substituting their own finding in the absence of there being any pleading evidence". The appellate tribunal has directed the NCLT to make all efforts to decide proceedings as expeditiously as possible. The NCLAT order came over a petition filed by APL Apollo Tubes against an order of the NCLT, which, on September 9, 2019, dismissed its insolvency plea filed as an operational creditor against Tanisha Scaffolding. Tanisha Scaffolding was engaged in marketing the products manufactured by APL Apollo Tubes. Some amount against supplies wa

Jaypee Infratech appoints new CFO to delist shares as part of insolvency

Jaypee Infratech's shares on the BSE are currently suspended. The company, as of May 24, is under the management of Suraksha Group, following NCLAT approval

NCLAT asks ICICI to consider OTS proposal in Jaiprakash Associates case

Insolvency appellate tribunal NCLAT has issued a notice to ICICI Bank over the plea of Jaiprakash Associates Ltd and said the private sector lender may consider the one-time settlement proposal submitted by the debt-ridden company by June 24, the next date of hearing. During the proceedings of NCLAT, JAL through its counsel submitted that it is inclined to make the entire payment within 18 weeks, if the OTS is accepted by the Bank, which was opposed by creditors alleging that the total debt is over Rs 26,000 crore. Earlier, JAL moved a one-time settlement Proposal (OTS) to creditors before the NCLT, which had a provision of an upfront amount of Rs 200 crore and the balance of about Rs 16,000 crore to be paid on or before 18 weeks from its acceptance. However, this was dismissed by the Allahabad bench of the National Company Law Tribunal (NCLT) and directed to initiate the Corporate Insolvency Resolution Process (CIRP) against JAL, which was challenged before NCLAT. In its order, a

Suspended board of Jaiprakash Associates moves NCLAT over insolvency order

The suspended board of debt-ridden Jaiprakash Associates has moved appellate tribunal NCLAT challenging last week's NCLT order which directed initiation of insolvency proceedings against the firm. The petition was listed before a vacation bench of the National Company Law Appellate Tribunal (NCLAT), which declined to grant an interim stay on the NCLT order. On June 3, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC. The NCLT rejected JAL's contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for Yamuna Expressway and changes in government policies. It has been held by the Supreme

NCLAT dismisses plea filed by foreign investors against edtech giant Byju's

NCLAT dismissed an appeal filed by the four investors - MIH EdTech Investments, a subsidiary of Prosus NV, General Atlantic Singapore, Peak XV Partners Operations LLC, and Sofina