Byju Raveendran Back in Control of Byju's as NCLAT Accepts BCCI Settlement

• The National Company Law Appellate Tribunal (NCLAT) accepted the settlement between Byju Raveendran and the Board of Control for Cricket in India (BCCI) on August 2.
• This decision removes Byju's parent company, Think and Learn, from the insolvency resolution process.
• NCLAT noted that the settlement was reached before the Committee of Creditors (CoC) could be constituted and that the source of the settlement money was not in dispute.
• The tribunal approved the settlement based on the undertaking and affidavit filed, with a caveat that the insolvency order will be revived if the undertaking is breached.
• Control of the company will return to Byju Raveendran as the NCLAT suspended the National Company Law Tribunal (NCLT) order that admitted the company to insolvency resolution.

Source: Moneycontrol