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Supreme Court Rejects BCCI and Raveendran’s Bid to Withdraw Byju’s Insolvency Case

It affirmed that under Section 12A of the Insolvency and Bankruptcy Code any withdrawal requires 90% approval from the Committee of Creditors.

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Overview

  • A bench of Justices JB Pardiwala and R Mahadevan refused to overturn the NCLAT’s April 17 order blocking the BCCI and Riju Raveendran from withdrawing insolvency proceedings against Think & Learn.
  • The NCLAT held that Form FA was filed on November 14, 2024—after the Committee of Creditors was constituted—bringing the proposal under Regulation 30A(1)(b).
  • CIRP against Byju’s was triggered on July 16, 2024 when the NCLAT admitted BCCI’s ₹158.90 crore claim as an operational creditor.
  • Any future settlement must now secure the consent of at least 90% of the CoC’s voting share before the insolvency case can be withdrawn.
  • The ruling reinforces IBC compliance and highlights the influence of international creditors such as US-based Glas Trust in the process.