NCLT asks BCCI to submit insolvency withdrawal plea before Byju’s CoC

The National Company Law Tribunal (NCLT), Bengaluru, on Monday directed the Board of Control for Cricket in India (BCCI) to settle its dispute with debt-laden Byju’s over dues of Rs 158 crore. The tribunal instructed BCCI to submit an insolvency withdrawal application before the Committee of Creditors (CoC) of Byju’s parent company, Think and Learn Private Limited. Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an insolvency application after it has been admitted, provided the applicant secures approval from at least 90 per cent of the CoC.