Supreme Court refuses Byju Raveendran’s plea against Byju–BCCI settlement order

The Supreme Court has dismissed an appeal filed by Byju Raveendran challenging an April 17 judgment of the National Company Law Appellate Tribunal (NCLAT) regarding the settlement between Board of Control for Cricket in India.

A bench of Justices JB Pardiwala and KV Viswanathan refused to interfere with the NCLAT verdict. The NCLAT's Chennai Bench had refused to treat the settlement of BCCI’s claim as a pre-Committee of Creditors (pre-CoC) settlement and directed it to place its settlement proposal before the Committee of Creditors (CoC).

It had further directed that BCCI's application for withdrawal of CIRP must be placed before the CoC since it was filed after the constitution of the CoC and hence required CoC approval under Section 12A of the Insolvency and Bankruptcy Code (IBC).

In July this year, the Supreme Court had refused an appeal filed by Board of Control for Cricket in India (BCCI) and Riju Raveendran to withdraw insolvency proceedings against Byju's. Notably, the NCLAT in April this year, set aside the pleas of BCCI and Riju Raveendran challenging the blockage of the withdrawal of insolvency proceedings against the ed-tech company.

Last year, Supreme Court of India had set aside the NCLAT order which allowed Rs 158.9 crore as settlement to be paid by edtech major Byju's to BCCI and thus allowed the appeal filed by US-based creditor Glas Trust Company LLC saying that it could not be considered an unrelated party to the insolvency proceedings and has a locus to move the court.

On August 2, 2024, the NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside insolvency proceedings initiated against Byju's. The decision paved the way for Byju Raveendran getting back in control of the firm.

The dispute between the BCCI and Byju's pertained to the sponsorship contract for providing jerseys to the Indian Cricket Team. It revolved around a Rs 160 crore sponsorship contract scheduled to end in November 2023. However, the cricket board insisted on continuing the contract until March 2024 to facilitate the board in securing a new sponsor on board from the new financial year.

It was reported that following the financial trouble the company decided not to renew any of its contracts with BCCI, International Cricket Council (ICC) or (Fédération Internationale de football association) FIFA. Glas Trust alleged that the money being paid to the cricketing authority by Riju Ravindran, brother of the company’s founder Byju Raveendran, was tainted. Ravindran had agreed to pay off the company’s dues from his personal funds. Glas Trust is stated to be the trustee for lenders to which Byju’s owes US Dollar 1.2 billion.

Case Title: Byju Raveendran Vs Pankaj Srivastava

Bench: Justices Pardiwala and Vishwanathan

Order Date: November 29, 2025