Law Tribunal Judge Recuses from Hearing Byju’s Insolvency Plea Due to Conflict of Interest
On Monday, Justice Sharad Kumar Sharma, a judicial member of the Chennai bench of the National Company Law Appellate Tribunal (NCLAT), recused himself from hearing a significant plea filed by Byju’s Founder Byju Raveendran. The plea challenges the insolvency proceedings initiated against Byju’s company, Think & Learn Private Ltd.
On Monday, Justice Sharad Kumar Sharma, a judicial member of the Chennai bench of the National Company Law Appellate Tribunal (NCLAT), recused himself from hearing a significant plea filed by Byju’s Founder Byju Raveendran. The plea challenges the insolvency proceedings initiated against Byju’s company, Think & Learn Private Ltd.
Justice Sharma’s recusal came after he disclosed that he had previously served as a senior counsel for the Board of Control for Cricket in India (BCCI) in numerous cases. His association with BCCI, a party involved in the ongoing insolvency dispute, raised concerns about a potential conflict of interest. In his statement, Justice Sharma said, “I will not venture into this. I have been a regular counsel for the BCCI in a number of cases.”
Following his recusal, Justice Sharma directed that the case be referred to the Chairperson of the NCLAT for the appointment of a new bench to hear the matter. The insolvency proceedings against Think & Learn Private Ltd were initiated by a petition from the BCCI, alleging a default amounting to ₹159 crore.
The National Company Law Tribunal (NCLT) in Bengaluru had previously ordered the insolvency proceedings and appointed Pankaj Srivastava as an interim resolution professional. This appointment temporarily suspended the powers of the board of directors of Byju’s, placing the company under the oversight of Srivastava.
The recusal of Justice Sharma adds a new layer of complexity to the ongoing legal battle faced by Byju’s, as the company seeks to navigate its financial difficulties amidst a changing judicial landscape. The appointment of a new bench will be crucial in determining the future course of the insolvency proceedings.
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