NCLAT judicial member recuses himself from Bjyu’s plea challenging insolvency

CHENNAI: A judicial member in the National Company Law Appellate Tribunal (NCLAT), Chennai bench, recused himself from a plea filed by Byju Raveendran, founder of the troubled edtech, seeking an interim stay on insolvency proceedings against Byju’s parent company Think & Learn Pvt Ltd.

Justice Sharad Kumar Sharma refused to admit the proceedings saying he’s a regular counsel for the Board of Cricket Council of India (BCCI), which has moved to the National Company Law Tribunal against the edtech over non-payment of dues amounting to Rs 159 crore.

The principal applicant for the proceedings is the BCCI. The ultimate beneficiary is going to be the BCCI. Justice Sharma said he had been a regular counsel for the BCCI in a number of cases and so he did not want to get involved in the case.

The matter was placed before the chairperson to nominate an appropriate bench, Justice Sharad Kumar Sharma added.

Byju Raveendran, the suspended director, promoter and shareholder of Think & Learn, filed the plea against the company in NCLAT through insolvency resolution professional (IRP) Pankaj Srivastava and other parties.

On July 18, the National Company Law Tribunal, Bengaluru bench, admitted Think and Learn to the corporate insolvency resolution process in a plea filed by the BCCI.

Bjyu Ravindran filed a writ petition in the Karnataka high court last week challenging the NCLT order admitting the company for insolvency.


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