26 July 2024
Byju Raveendran on July 25 moved a fresh writ petition in Karnataka High Court for suspension of the order admitting Byju's parent Think and Learn Private Limited (TLPL) to insolvency resolution process alleging prejudice by National Company Law Appellate Tribunal's (NCLAT) Chennai bench.
Senior advocate Abhishek Manu Singhvi, who appeared for Raveendran, said: "The NCLAT bench has adjourned my appeal to another date to decide on whether one of the judges will have to recuse from the plea. If the Committee of Creditors is formed meanwhile, I will be left remediless, it will become irreversible."
It is Singhvi's contention that if the NCLAT adjourned the plea again on Monday on the recusal of a member, the company faces the threat of the Committee of Creditors (CoC) taking over it without having argued its appeal. He said, "This is like giving a pound of flesh to Shylock."
He thus sought for a stay on formation of CoC till the NCLAT ultimately hears his appeal and passes an order.
Byju Raveendran on July 25 moved a fresh writ petition in Karnataka High Court for suspension of the order admitting Byju's parent Think and Learn Private Limited (TLPL) to insolvency resolution process alleging prejudice by National Company Law Appellate Tribunal's (NCLAT) Chennai bench.
Senior advocate Abhishek Manu Singhvi, who appeared for Raveendran, said: "The NCLAT bench has adjourned my appeal to another date to decide on whether one of the judges will have to recuse from the plea. If the Committee of Creditors is formed meanwhile, I will be left remediless, it will become irreversible."
It is Singhvi's contention that if the NCLAT adjourned the plea again on Monday on the recusal of a member, the company faces the threat of the Committee of Creditors (CoC) taking over it without having argued its appeal. He said, "This is like giving a pound of flesh to Shylock."
He thus sought for a stay on formation of CoC till the NCLAT ultimately hears his appeal and passes an order.
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