Supreme Court Dismisses Byju Raveendran’s Plea in BCCI Settlement Case
The Supreme Court has dismissed Byju Raveendran’s petition challenging an NCLAT order that requires BCCI’s settlement claim to be approved by the Committee of Creditors (CoC).
Key Developments
- Supreme Court rejects Byju Raveendran’s appeal against NCLAT order
- BCCI’s settlement claim must go before Committee of Creditors
- Court upholds requirement for CoC approval in withdrawal process
Court Proceedings
A bench comprising Justice JB Pardiwala and Justice KV Viswanathan dismissed the appeal against the April 17 NCLAT order. The court directed senior counsel Navin Pahwa, representing Raveendran, to proceed with the legal process.
The NCLAT had previously ruled that CoC approval was mandatory for BCCI’s application to withdraw insolvency proceedings against Byju’s. The Supreme Court bench noted it had already dismissed similar appeals filed by BCCI and Riju Raveendran, Byju’s brother and co-founder, in July.
Legal Arguments
Justice Pardiwala questioned Pahwa’s objections to the NCLAT view, which referenced the top court’s earlier judgment. The court had stated that since the CoC was constituted during pending proceedings, parties must seek withdrawal and settlement remedies within the legal framework governing CIRP withdrawal.
Pahwa argued that the original plea was filed at the pre-CoC stage, with the panel formed during the matter’s pendency. However, the bench responded: “The moment we accept your argument, we frustrate the entire process.”
