India, April 18 -- The National Company Law Appellate Tribunal (NCLAT) has disposed of a petition filed by Riju Ravindran seeking to block lenders of troubled edtech startup BYJU'S from deciding on a INR 158 Cr settlement with the Board of Control For Cricket In India (BCCI).

This is a major blow to BYJU'S as its settlement proposal will now be placed before the Committee of Creditors (CoC), comprising GLAS Trust and Aditya Birla Finance, which have been against the settlement from the beginning.

The NCLAT was hearing a plea filed by Ravindran, former promoter of BYJU'S, against the order by the Bengaluru bench of NCLT, which had on February 10 directed the BCCI to withdraw its insolvency plea against BYJU'S and place it before the CoC ...