The Supreme Court has stepped into the ring on a fresh volley of appeals challenging a key ruling that’s been keeping the Byju’s insolvency saga simmering. At the heart of this legal tussle is the question: can the Board of Control for Cricket in India (BCCI) pull back its insolvency case against Byju’s parent company without the nod from the Committee of Creditors (CoC)?
Back in July 2024, BCCI kicked off insolvency proceedings against Think & Learn Pvt Ltd (Byju’s parent firm), citing unpaid dues nearing ₹159 crore. A tentative truce was brokered soon after, with the National Company Law Appellate Tribunal (NCLAT) initially giving a thumbs-up for BCCI to withdraw the case. But that calm was short-lived.
Financial creditor Glas Trust jumped in, and the Supreme Court overturned the NCLAT’s nod last October, telling BCCI to start over at the National Company Law Tribunal (NCLT). BCCI obliged, filing a fresh withdrawal request—known as Form FA—but this move hit a snag. The NCLT ruled that BCCI couldn’t just pull out on its own; the CoC’s approval, commanding at least a 90% vote, was mandatory because the CoC had already formed.
The NCLAT backed this position in April 2025, stressing that the critical moment is when the withdrawal request lands at the NCLT, not when it’s submitted to the Interim Resolution Professional (IRP). Since the CoC was already in place by then, their approval is non-negotiable.
The Supreme Court is now weighing these developments. The bench hearing the case has summoned responses from Byju’s creditors and insolvency professionals and will decide on any interim relief by mid-July.
Adding another layer, Riju Raveendran has appealed, claiming he wasn’t properly heard in the proceedings—a plea the NCLAT rejected, saying he had ample opportunity to present his case.
This high-stakes chess game involving insolvency laws, corporate governance, and creditor rights is far from over. The Supreme Court’s next moves will be closely watched, not just by the parties involved, but by the entire business and legal fraternity keeping tabs on India’s evolving insolvency landscape.