Byju Raveendran is back in control of Byju's after the National Company Law Appellate Tribunal (NCLAT) accepted a settlement between him and the Board of Control for Cricket in India (BCCI).
The NCLAT noted that the settlement was reached before the Committee of Creditors (CoC) could be formed, and since the source of the settlement money was not disputed, there was no reason to continue the insolvency process. The NCLAT's decision suspends the earlier order of the National Company Law Tribunal (NCLT) that had placed Byju's under insolvency resolution. If there is any breach in the settlement terms, the insolvency order will be revived.