India, Nov. 29 -- The Supreme Court (SC) yesterday reportedly dismissed BYJU'S cofounder Byju Raveendran's appeal, which challenged an NCLAT order that ruled that committee of creditors' (CoC) approval is mandatory for BCCI to withdraw insolvency proceedings against the troubled edtech.

As per Bar and Bench, a bench comprising Justices JB Pardiwala and KV Viswanathan upheld the appellate tribunal's verdict, and refused to intervene in the matter.

For context, insolvency proceedings against BYJU'S began after BCCI last year filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) to recover dues worth INR 158.90 Cr. However, the troubled edtech later settled the case and the cricket board moved to withdraw the insolve...