“I had been appearing as the senior counsel for the Board of Control for Cricket in India… and have been closely associated with the BCCI in a number of cases. So, I will be refusing to hear this matter and place it before the hon’ble chairperson for nomination of an appropriate bench,” said Justice Sharma.
Also read | ET Explainer: Byju’s steps on the insolvency tripwire. What happens next?
NCLAT chairperson Justice Ashok Bhushan will now appoint a new bench to hear the company’s appeal.
Raveendran, who lost operational control of his firm following admission of the insolvency petition against it, has also moved the Karnataka High Court seeking suspension of the insolvency proceedings until the NCLAT considers the matter. The case will be heard in the high court on Tuesday.
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BCCI filed an initiation of insolvency petition last September against the edtech firm, claiming a default in payment amounting to Rs 158 crore. Bjyu’s had initially signed a jersey sponsorship agreement with BCCI in March 2019 for three years, which was extended by one year.The company had made the payments till September 2022. The current dispute pertains to the payments from October 2022 till March 2023.
The NCLT’s July 16 order automatically suspended Raveendran-led management, appointing an interim resolution professional to oversee the company’s operations. This order also safeguards Byju’s assets from creditors and prevents any transfer or sale of these assets.
Meanwhile, Qatar Investment Authority, an investor in the edtech firm, has also reportedly moved the Karnataka High Court to prevent Raveendran from selling, pledging or transferring his assets.