Raveendran loses interim control of Byju’s as NCLT initiates insolvency proceedings

The Bengaluru-bench of National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Think and Learn Pvt Ltd, the parent company of Byju’s, following a petition by the Board of Control for Cricket in India (BCCI). The tribunal has appointed Pankaj Srivastava as the interim resolution professional (IRP) to oversee the company’s operations until the formation of a Committee of Creditors (CoC).

The NCLT order stated, “The Interim Resolution Professional shall after collation of all the claims received against Think and Learn Pvt Ltd the Corporate Debtor and the determination of the financial position of the Corporate Debtor constitute a Committee of Creditors.”