NCLT command delete Byju’s IRP to restore Adiora Birla Finance as financial creditors

The National Corporation’s Law Court (NCLT) ordered the temporary resolution professionals (IRP) of BJYU on Wednesday.

The bankruptcy court also instructed India’s bankruptcy and bankruptcy committee (IBBI) to discipline IRP to IRP, and dissolved the creditors committee (COC) composed of IRP.

NCLT’s Bangalore substitutes passed the order through Byju’s lenders, Glass Trust Company and Aditya Birla Finance LTD in the United States, and they were allegedly fraud in the classification of creditors.

“From the above circumstances, it can be clearly seen that IRP has the responsibility to assist the court in an honest and fair manner, and in this case, IRP’s behavior has been submitted, the purpose is to mislead the court,” the order “said.

“Actions and decision -making prejudice by IRP are not subject to the benefit of the company’s bankruptcy solution (CIRP). In 2016, in 2016, stakeholders and the acts of the above IRP demand supplemented:” Disciplinary procedures should be handled by disciplinary procedures. “

The court resumed the financial credit creditors of Aditha Birla, and its ownership and responsibility were related to the identity under IBC.

It further instructed the reconstruction of COC on August 31, 2024 and will retain the former COC from August 21, 2024.

Glass Trust provided Byju with a $ 1.2 billion semester loan B, and Aditha Birla Finance shifted NCLT in September, accusing Byju’s Irp Pankaj Srivastava inappropriate behavior in the process of bankruptcy.

Aditya Birla Finance has accused IRP of fraud in Cirp in Edtech. It accuses the wrong classification of operators rather than financial creditors.

Financial creditors provide loans or other forms of credit to the company, and the operator provides goods or services as part of the company’s conventional business activities. The main difference between the two is the nature they claim in the process of bankruptcy.

Financial creditors have the main claims on the assets of the bankruptcy company, followed by operating creditors. India’s IBC aims to balance the interests of two types of creditors to ensure the fairness and transparent bankruptcy process of all relevant parties.

Glas Trust claims that Pankaj Srivastava illegally expels it from COC. Srivastava has acknowledged that the loan’s claims were “responsible.”

NCLT launched a default fee for Byju’s bankruptcy procedure on June 16, 2024 BleakAs part of the sponsorship agreement, the Cricket Control Commission of India (BCCI) owed 15.8 billion rupees.

Byju’s signed a sponsorship agreement with BCCI in 2019, with its brand’s jersey of the Indian board team. The contract was extended to November 2023, but when Byju failed to fulfill its financial obligations, BCCI filed a bankruptcy petition to NCLT.

However, both submitted a reconciliation application to the court. NCLT has not passed the order.

Earlier, the Supreme Court canceled an old reconciliation procedure on October 23. The court ruled that the reconciliation did not follow the legitimate program under IBC, and instructed the parties to conduct a new lawsuit with the NCLT.

Byju Ravendran proposed the bankruptcy procedure to the National Corporation’s Law Court (NCLAT). On August 2nd, NClat rejected the bankruptcy lawsuit against Byju and approved the settlement agreement with the BCCI after Riju Ravendran proposed BleakThe 15.8 billion rupees repaid the C type of C type, temporarily restored his control over the company’s business.

Glass Trust argued that the funds raised by BYJ U’s founder, Riju Ravendran, were “pollution” and should be assigned to financial creditors.

In addition, it lists the continuous investigation of the BYTU financial transaction. Byju Ravendran currently lives in Dubai, and Riju is headquartered in London.

Byju’s Byju Ravendran and Divya Gokulnath were established in 2011, and Byju quickly became the main participants in the Indian ED-Tech field. However, the company’s active expansion is financial difficulties, regulatory review, and disputes with creditors. It was once considered to be India’s most famous startup