Mr. Byju Raveendran vs Think & Learn Pvt. Ltd. - 2024 Supreme(Online)(NCLAT) 1350

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Online)(NCLAT) 1350

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Rakesh Kumar Jain, J
Mr. Byju Raveendran – Appellant
Versus
Think & Learn Pvt. Ltd. – Respondent

For the Appellants/Petitioners:Mr. Arun Kathpalia, Senior Advocate, Mr. Puneet Bali, Senior Advocate, Mr. Dhyan Chinnappa, Sr. Advocate, Mr. Rishash Gupta, Advocate, Mr. Zulfiguar Memon, Advocate, Mr. Waseem Pangankar, Advocate, Ms. Nadiya Sargureh, Advocate, Mr. Avishkar Singhvi, Advocate, Mr. Swapnil Srivastava, Advocate, Mr. Yashowandhan Dixit, Advocate, Mr. Gargi Patil, Advocate, Mr. Aditi Tiwari, Advocate, Mr. Allan David, Advocate, Mr. Jayesh Srivastava, Advocate, Mr. Yashita Bhardwaj, Advocate, Mr. Kunal Vajani, Adv.
For the Respondents:Mr. Pooja Mahajan, Advocate, Mr. Mahima Singh, Advocate, Mr. Avinash Amarnath, Advocate, Mr. Zubin Joseph, Advocate, Mr. Naman Golechha, Advocate, Mr. Samridhi Shrimali, Advocates for R1, Mr. Tushar Mehta, Sr. Adv., Mr. Satish Parasaran, Sr. Adv., Mr. Krishnava Dutt, Advocate, Ms. Aditi Chaudhury, Advocate, Ms. Bhavya Mohan, Advocate, Ms. Ann Finiya Pereira, Advocate, Ms. Mili Baxi, Advocate, Mr. Tanmay Mehta, Advocate, Mr. Kanu Agarwal, Advocate, Mr. Ashwini Vaidlialingam, Advocate, Mr. Gowri MS Advocate for R2 (BCCI), Mr. Mukul Rohatgi, Sr. Advocate, Mr. Krishnendu Datta, Sr. Advocate, Mr. P.H. Arvindh Pandian, Sr. Advocate

Table of Content
1. initiation of insolvency petition and moratorium imposed. (Para 1 , 2 , 3)
2. application for interim resolution and liberty granted to applicant. (Para 4 , 5 , 6 , 8)
3. payments made from personal sources for settlement. (Para 10 , 11 , 12)
4. claims and financial obligations related to the credit agreement. (Para 15 , 19 , 20 , 22)
5. arguments regarding the approval of settlement and invocation of judicial discretion. (Para 25 , 26 , 29 , 32 , 34 , 36)
6. court's discretion and approval of settlement prior to coc formation. (Para 40 , 46 , 48 , 50)
7. final order approving settlement and addressing future implications. (Para 51)

ORDER

(Hybrid Mode)

Per: Justice Rakesh Kumar Jain (Oral)

02.08.2024: The Board of Control for Cricket in India (in short ‘BCCI”) filed a Company Petition (IB) No. 149/BB/2023 on 23.09.20223 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short ‘Code’) against Think and Learn Pvt. Ltd. (Corporate Debtor) before the Adjudicating Authority (National Company Law Tribunal, Bengaluru Bench, Bengaluru) for the resolution of an amount of Rs. 1,58,90,92,400/-.

2. The company petition was admitted on 16.07.2024, Moratorium under Sectio

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2024 Supreme(Online)(NCLAT) 1350

NATIONAL COMPANY LAW APPELLATE TRIBUNALRakesh Kumar Jain, JMr. Byju Raveendran – AppellantVersusThink & Learn Pvt. Ltd. – Respondent

Cases Referred (1)

NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Rakesh Kumar Jain, J
Mr. Byju Raveendran – Appellant
Versus
Think & Learn Pvt. Ltd. – Respondent