NCLT tells BCCI to submit insolvency withdrawal plea before Byju's CoC

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NCLT tells BCCI to submit insolvency withdrawal plea before Byju's CoC - Business Standard

Quick Summary:

Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an insolvency application after it has been admitted, provided the applicant secures approval from at least 90 per cent of the CoC.

The apex court overturned an NCLAT order that had upheld this settlement, as the amount was being paid by Riju Raveendran from his tax-paid personal funds.

On Monday, the NCLT also asked all parties to file their replies concerning allegations that former resolution professional Pankaj Srivastava had failed to discharge his duties properly.