NCLAT rejects Riju Raveendran's plea to keep ₹158 crore BCCI settlement outside creditor purview: Report

The National Company Law Appellate Tribunal (NCLAT) Chennai on February 19 refused to grant interim relief to Riju Raveendran, the younger brother of Byju Raveendran, the founder of troubled edtech major Byju's. Riju Raveendran, a director in the firm, had asked to keep his ₹158 crore settlement with the Board of Control for Cricket in India (BCCI) outside the purview of its Committee of Creditors (CoC).

The CoC is the group of creditors who make decisions for a company that is under insolvency such as Byju's. Raveendran had argued that the BCCI settlement had been finalised before the CoC was even formed. However, the Bengaluru bench of the National Company Law Tribunal (NCLT) had directed the BCCI to to submit the ₹158 crore settlement plea before the CoC.