NCLAT declines stay on CoC reviewing Rs 158 cr BCCI-Byju’s settlement offer. Riju Raveendran, a director at beleaguered edtech firm Byju’s, had sought to keep his Rs 158 crore settlement with the Board of Control for Cricket in India (BCCI) outside the purview of its Committee of Creditors (CoC) The NCLAT will now hear RijU’S plea on March 3. On February 10, the Bengaluru bench of the National Company Law Tribunal (NCLT) had directed BCCI to submit the Rs 158 crores settlement plea before the CoC. If the plea were to be accepted, Byju”s would be able to exit insolvency proceedings. However, lenders, which include US-based Glas Trust and Aditya Birla Finance, opposed the move, calling the settlement amount with the BCCI “tainted money”. To be sure, Glas Trust holds a 99.41 percent voting share in the CoC due to its Rs 11,432 crore claim. Both BCCI and Byju ’s have, however, contested this claim, saying the settlement money was ‘clean’, tax paid money.
