Supreme Court Dismisses BCCI Review Against Order Setting Aside NCLAT Decision Closing Byju's CIRP

The Supreme Court recently dismissed a review petition filed by the Board of Control for Cricket in India (BCCI) against its October 23, 2024 ruling in the Byju's insolvency case.

In that ruling, the court had set aside the National Company Law Appellate Tribunal's approval of a post-admission settlement in the corporate insolvency resolution process of Think & Learn Pvt. Ltd., Byju's parent company.

It had also held that once insolvency proceedings are admitted, they cannot be withdrawn merely on the basis of a settlement between one creditor and the corporate debtor.

Refusing to interfere, a bench of Chief Justice Surya Kant and Justices J.B. Pardiwala and Manoj Misra noted that the review petition was filed with a delay of 375 days for which no satisfactory explanation was furnished. The court said that even after examining the matter on merits, no ground for review was made out.

“Despite the fact that there is a delay of 375 days in filing the Review Petition for which no satisfactory explanation has been furnished, we have gone through the same on merits. In our opinion, no case for review of the judgment dated 23.10.2024, passed in Civil Appeal No.9986 of 2024, is made out.”

The bench also rejected BCCI's application seeking listing of the review petition in open court and disposed of all pending interlocutory applications.

The dispute stems from insolvency proceedings initiated after BCCI moved the National Company Law Tribunal, Bengaluru, in 2023 over unpaid dues of about Rs 158 crore. The tribunal admitted the plea in July 2024. The appellate tribunal later approved a settlement between the parties and set aside the insolvency proceedings, which was challenged before the Supreme Court.

By dismissing the review petition, the Supreme Court has declined to revisit its earlier ruling.

Click Here To Read/Download Supreme Court Judgment Of 23rd October, 2024