Supreme Court Upholds NCLAT Verdict: BCCI, Riju Ravindran Appeals in Byju's CIRP Dismissed

The Supreme Court rejected appeals filed by BCCI and Riju Ravindran challenging the requirement for 90% CoC approval to withdraw Byju's insolvency process. Upholding the NCLAT ruling, the court found that Form FA was filed after the CoC’s constitution, making creditor consent mandatory under Regulation 30A(1)(b) of the IBC framework. The ruling reinforces procedural compliance in CIRP withdrawal cases.

By Siddhart Rao Jul 21, 2025, 13:51 IST

New Delhi, The Supreme Court has dismissed civil appeals filed by the Board of Control for Cricket in India (BCCI) and Riju Ravindran, the suspended director of Think and Learn Pvt Ltd, the parent company of Byju's, in connection with the company’s insolvency proceedings. The appeals sought to challenge the National Company Law Appellate Tribunal (NCLAT) order that mandated 90% approval from the Committee of Creditors (CoC) to withdraw the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code.

The case was heard by a bench of Justice JB Pardiwala and Justice R Mahadevan. Representing the appellants were senior advocates KK Venugopal and Guru Krishna Kumar for Riju Ravindran, and Solicitor General Tushar Mehta for the BCCI.

Background of the Dispute

The appeals stemmed from the 17 April 2025 NCLAT decision that upheld an earlier NCLT Bengaluru order. That order stated BCCI’s request to withdraw insolvency proceedings against Byju’s must be routed through the CoC as per Section 12A of the IBC and Regulation 30A(1)(b) of the IBBI Regulations.

BCCI and Ravindran argued that since their withdrawal request was made before the CoC was officially formed, it should be governed by Regulation 30A(1)(a), which doesn’t require creditor consent. However, NCLAT had found that Form FA, the official withdrawal form, was filed on 14 November 2024, after the CoC was constituted on 21 August 2024, thus triggering Regulation 30A(1)(b).

Timeline & Legal Contention

CIRP against Byju's began on 16 July 2024 following a Section 9 petition from BCCI.
A settlement was reached between BCCI and Byju’s, and the CIRP was initially withdrawn by NCLAT on 2 August 2024.
GLAS Trust, another creditor, challenged the withdrawal. The Supreme Court stayed the NCLAT's order on 14 August 2024 and instructed that the ₹158 crore settlement be kept in escrow.
On 23 October 2024, SC allowed GLAS Trust's appeal and restored the CIRP, while allowing withdrawal under proper legal channels.

Subsequently, BCCI directed the Insolvency Resolution Professional (IRP) to file Form FA on 11 November 2024, and it was officially submitted on 14 November 2024. Since this was after the formation of CoC, the court affirmed that 90% creditor approval was mandatory under IBC rules.

GLAS Trust and Aditya Birla Finance opposed the withdrawal, and SC sided with NCLAT’s interpretation that since BCCI had advised the IRP to wait until the apex court’s October 23 verdict, the delay in Form FA submission was justifiable.