The move by the cricket control board follows a Supreme Court of India ruling on October 23, which quashed a National Company Law Appellate Tribunal (NCLAT) order that allowed the settlement of Rs 158 crore payment between BCCI and Byju’s.
The court will continue hearing the matter on Tuesday.
Byju’s lenders, Glas Trust and Aditya Birla Finance, have opposed BCCI’s withdrawal application and are seeking the removal of the RP and the reconstitution of the committee of creditors (CoC).
“The whole intent (of Glas Trust) is to cloud these proceedings. Ultimately, if the withdrawal application is taken up and considered on its merits by this honourable tribunal, orders can be passed. Thereafter, my Lords, what remedies Glas is to pursue should be left to be treated separately,” said the counsel representing the RP.
The judge said that the application must include a bank guarantee, without which it will be considered invalid.
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“I had originally asked the BCCI to give a bank guarantee; they had sent an amount which was on an estimated basis. I had said that the expenses are far more; therefore, you will have to give a bank guarantee,” said the RP’s counsel, highlighting that the application was filed without the guarantee due to the urgency of the matter.On October 23, the Supreme Court had directed that the Rs 158 crore, along with accrued interest, which BCCI had deposited in a separate escrow account following its August 14 order, should be deposited with the CoC. The CoC will maintain the amount in an escrow account until further developments and directions from the NCLT.
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