Supreme Court rejects BCCI and Riju Ravindran requests in BYJU bankruptcy case, refusing to consider settlement

The Supreme Court dismissed a petition filed by Riju Ravindran, brother of BCCI and BYJU RAVINDRAN, seeking to withdraw the bankruptcy lawsuit against BYJU. The court also refused to consider a settlement between Edtech, a company that hit the crisis, and BCCI.

Justices JB Pardiwala and R Mahadevan’s benches refused to interfere with the NCLAT’s April 17 order. The court has said that since the settlement proposal was proposed after the establishment of the COC, it would require approval under Section 12A of the Bankruptcy and Insolvency Act.

Earlier in February 2025, the National Corporate Law Tribunal (NCLT) directed petitioners to place their settlement proposals in front of a new COC, where the lender’s lender Glas Trust, a lender who BYJU owes $1.2 billion, is a member. NCLAT launched the Corporate Bankruptcy Resolution Process (CIRP) against BYJU’s last July, acknowledging BCCI’s claims as an operating creditor of Edtech Major.

The case also appointed Interim Resolution Professionals (IRPs). Later, a solution was reached between the two parties and Byju Raveendran approached NCLAT. The Court of Appeal waived the bankruptcy proceedings against BYJU’s on August 2, 2024, which had approved dues with BCCI in 2019 and signed a team sponsorship agreement with the cricket agency in 2019. The Glas Trust challenged this in the Supreme Court.

A judge of the then Chief Justice of India (CJI), dy Chandrachud, held the NCLAT order and directed the BCCI to deposit the relevant amount into a separate escrow account until another order.

Meanwhile, BYJU’s Alpha, a special purpose financing tool established by Byju’s in the United States to collect $1.5 billion in term loan B, has sued BYJU RAVEENDRAN, co-founder and his wife Divya Gokulnath for theft of $533 million in theft. Byju’s Alpha said the company has now filed a lawsuit against Byju Raveendran after US $533 million verdict against U.S. bankruptcy court by parents of Riju Ravindran and Byju’s final company in India

The lawsuit states that each of them co-planned and executed an inability to conceal and steal $533 million in loan proceeds (“Alpha Funds”). They further pointed out: “It is obvious that Byju, Divya and Anita deliberately hid Byju’s Alpha assets and repeatedly deceptive about the location of the money in order to steal funds from lenders.”

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