BCCI in discussion with Byju’s to settle dispute: NCLAT Chennai told; plea before Karnataka High Court disposed of

The Board of Control for Cricket in India (BCCI) informed the National Company Law Appellate Tribunal (NCLAT) at Chennai on Tuesday that it was in “discussions” with Byju Raveendran to settle its dispute with Think and Learn, the parent firm of ed tech company Byju’s..Solicitor General Tushar Mehta, who appeared on behalf of the BCCI, urged the NCLAT bench of judicial member Justice Rakesh Kumar Jain and technical member Jatindranath Swain to adjourn the hearing on Raveendran’s appeal to Wednesday, July 31.Raveendran had filed an appeal challenging the insolvency proceedings triggered by the NCLT Bengaluru against Think and Learn.During today's hearing, Mehta said that the BCCI wanted time to see if “anything fruitful will come” out of such discussion..Senior Advocate Mukul Rohatgi, who appeared for a US-based lender of Byju's, agreed to such adjournment, but added that the Appellate Tribunal must keep in mind that if the BCCI and Raveendran reach a settlement, his client’s case should not be prejudiced.The Bench accordingly adjourned the hearing to July 31..Meanwhile, the Karnataka High Court disposed of the writ petition filed by Raveendran last week seeking that the constitution of a Company of Creditors be stayed and the insolvency proceedings against Think and Learn be suspended until his appeal was heard and decided upon by the NCLAT..Justice SR Krishna Kumar disposed of the plea after Mehta told the Court that nothing remained in the petition since the NCLAT had already constituted a special bench to hear Raveendran’s appeal.“They rushed here saying the NCLAT was not hearing them and the NCLAT was going to recuse. But the NCLAT has now formed a special bench to hear them so nothing remains,” Mehta said.Mehta also said that he had sought an adjournment from the NCLAT as BCCI was in settlement talks with the company and that the parties need not come to the High Court to “report to it after each hearing” before the NCLAT..Senior Advocate Dhyan Chinnappa, who appeared for Raveendran, initially urged the Court to keep the matter pending and adjourn the hearing to July 31 or August 1. However, he agreed to the Court disposing of the petition after Justice Kumar said he will dispose it of without making any comments on the same, and grant liberty to all parties to approach the Court again if needed..On July 16, the NCLT Bengaluru had admitted an insolvency plea filed by BCCI against Think and Learn. BCCI had filed the insolvency plea over unpaid dues related to sponsorship rights worth ₹158 crore.On July 23, Raveendran had moved the NCLAT Chennai challenging the order of the NCLT Bengaluru.Two days later, Raveendran had filed a fresh writ petition before the Karnataka High Court seeking that the insolvency proceedings be suspended and the formation of the CoC be stayed until its appeal was decided upon by the Chennai bench of the NCLAT.