International lenders of Byju's have filed petitions in the National Company Law Tribunal (NCLT) at Bengaluru to initiate insolvency proceedings against the ed-tech start-up.The first petition has been filed by a group of lenders, which is pending scrutiny by the registry of the NCLT Bengaluru.The second petition is by Teleperformance Business Services India Limited, the Indian unit of a French multinational company, which is the operational creditor to Think & Learn Pvt, the parent company of Byju's.This petition has been filed by King Stubb & Kasiva from New Delhi on November 4, 2023. After the scrutiny by the NCLT Registry, the petition was finally numbered on January 25, 2024 and will be listed for hearing in due course.The lenders have reportedly sought to recover a $1.2 billion loan from the ed-tech company.Byju's is presently also dealing with insolvency proceedings initiated by the Board of Control for Cricket in India (BCCI) in NCLT Bengaluru.
BCCI had initiated corporate insolvency resolution proceedings against Byju's in September 2023 after the start-up allegedly failed to pay ₹158 crore to BCCI after termination of the title-sponsorship rights agreement.This petition is presently pending before the NCLT as Byju's is trying to settle the dispute with BCCI through arbitration.
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The International Court of Justice (ICJ) at Hague on Friday issued a series of provisional measures to protect the rights of Palestinians in the Gaza Strip after finding that it was “plausible” that their rights under the Prevention of Genocide Convention were being violated by Israel.This order is not a final verdict in the matter but contains a series of measures “to protect the rights claimed by South Africa that the Court has found to be plausible.”"At the present stage of the proceedings, the Court is not required to ascertain whether any violations of Israel’s obligations under the Genocide Convention have occurred. Such a finding could be made by the Court only at the stage of the examination of the merits of the present case," explained the ICJ before ruling that it had the jurisdiction to examine the matter and that South Africa had the standing to file its application against Israel.The order was passed after South Africa filed an application before the ICJ alleging violations of the Genocide Convention by Israel in the Gaza Strip. South Africa invoked the convention to argue that the recent acts of aggression by Israel in Gaza amounted to a violation of the convention.The application called for a direction to Israel to cease any acts violating the Genocide Convention.South Africa asserted that Israel has a duty to take all reasonable measures to prevent genocide in relation to Palestinians.South Africa also called for Israel to be ordered to collect and conserve evidence of any genocidal acts committed against Palestinians in Gaza including those displaced from the strip.Fifteen of the seventeen judges on the ICJ bench including Indian-origin Judge Dalveer Bhandari were unanimous in issuing these provisional protection measures.The fifteen judges who ruled for extending such protection measures are President Joan E Donoghue (United States of America), Vice-President Kirill Gevorgian (Russia); Judge Peter Tomka (Slovakia); Judge Ronny Abraham (France); Judge Mohamed Bennouna (Morocco); Judge Abdulqawi Ahmed Yusuf (Somalia), Judge Xue Hanqin (China); Judge Bhandari (India); Judge Patrick Lipton Robinson (Jamaica); Judge Nawaf Salam (Lebanon); Judge Iwasawa Yuji (Japan); Judge Georg Nolte (Germany); Judge Hilary Charlesworth (Australia); Judge Leonardo Nemer Caldeira Brant (Brazil) and ad hoc Judge Dikgang Ernest Moseneke (South Africa).Judge Julia Sebutinde (Uganda) disagreed on all counts and pronounced a dissenting opinion.
TAGS: Byju's National Company Law Tribunal (NCLT) Insolvency Proceedings International Lenders
