Byju Raveendran Vs Aditya Birla Finance Limited & Ors. (Supreme Court of India)
The Supreme Court dismissed the appeal filed by the suspended director and promoter of M/s Think and Learn Pvt. Ltd. against the order dated 12 August 2025 passed by the National Company Law Appellate Tribunal (NCLAT), Chennai, and held that there was no ground to interfere with the impugned order. The Supreme Court also directed that the enquiry against the Interim Resolution Professional (IRP) should proceed expeditiously in accordance with law.
The dispute arose from proceedings under the INSOLVENCY AND BANKRUPTCY CODE, 2016 concerning the constitution and later reconstitution of the Committee of Creditors (CoC) of the corporate debtor. The NCLT, Bengaluru Bench, by order dated 29 January 2025, had set aside the reconstitution of the CoC carried out by the IRP on 31 August 2024 and restored the original CoC constituted on 21 August 2024. The NCLT also restored the status of Aditya Birla Finance Limited as a financial creditor and nullified resolutions passed by the reconstituted CoC, including the appointment of the IRP as Resolution Professional.
The original CIRP proceedings commenced after an insolvency petition filed by the Board of Control for Cricket in India was admitted on 16 July 2024 and the IRP was appointed. Aditya Birla Finance Limited submitted a claim of Rs. 47.12 crore as a financial creditor, while Glass Trust Company LLC submitted a claim exceeding Rs. 11,432 crore. The IRP initially constituted the CoC on 21 August 2024 with four financial creditors, namely Glass Trust Company LLC, Aditya Birla Finance Ltd., Incred Financial Services Ltd., and ICICI Bank Ltd.
