New Delhi, April 18 -- The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea by Riju Raveendran, suspended director of bankrupt edtech firm Byju's, to prevent its creditors from deciding on a Rs.158 crore settlement with India's cricket board.

The decision by the NCLAT's Chennai bench on Thursday deals a significant blow to both Riju and founder Byju Raveendran, as it effectively gives the creditors all the powers to decide the fate of the Rs.158 crore settlement, keeping the promoters out from decision-making on the issue. The committee of creditors (CoC) is dominated by creditors who oppose the settlement.

The plea by Riju Raveendran had challenged a 10 February order by the Bengaluru bench of the National Company L...