Byju Raveendran's Byju Insolvency Plea Adjourned at NCLAT

New Delhi, Jul 29 (PTI) 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 this up," said Sharma.

The Bengaluru bench of the National Company Law Tribunal (NCLT) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI.

The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of Rs 158.9 crore by Think & Learn -- once India's most valuable startup worth an estimated USD 22 billion.

NCLT has suspended the board of Think & Learn Pvt Ltd as per the provisions of the IBC and had appointed an interim resolution professional (IRP) to take care of the debt-ridden firm.

Raveendran challenged the NCLT order before the appellate tribunal NCLAT. He has also approached the Karnataka High Court.

The high court had on July 26 deferred Raveendran's plea to July 30.

At the high court, Raveendran challenged the validity of the order and suspension of the NCLT order till the NCLAT hears the appeal.