Edtech company Byju's parent Think & Learn will challenge the National Company Law Tribunal's (NCLT's) order on insolvency proceedings and may approach the National Company Law Appellate Tribunal (NCLAT) in the next few days, a source claimed. With the NCLT appointing Pankaj Srivastava as the interim resolution professional (IRP), time is running out for Byju's as the committee of creditors (CoC) begins to be formed.
A division bench of Justices Amjad Sayyed and Anuja Prabhudessai passed the judgment on a bunch of petitions filed by several broadcasters, like the Indian Broadcasting Foundation, a representative body of TV broadcasters, the Film and Television Producers Guild of India, Zee Entertainment Ltd and Sony Pictures Network India.
The Supreme Court's decision to allow borrowers a chance to be heard before their accounts are flagged as fraudulent by lenders is expected to result in several cases being reopened where the borrower is aggrieved because of such classification, bankers said. Still, the reopening of cases would not be automatic. A borrower who is aggrieved by the 'fraud' classification will have to approach the bank and consequently, the bank will take the necessary steps so that the apex court's order is followed in letter and spirit, they said.
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
The tribunal accepted the government's argument that licence or spectrum is a state asset over which Aircel had no right of ownership.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
