News > Byju Raveendran back in control as NCLAT accepts settlement with BCCI

Byju Raveendran back in control as NCLAT accepts settlement with BCCI

"In view of the undertaking given and affidavit filed, the settlement is approved, the appeal succeeds, and the impugned order is set aside. However, with the caveat that in case there is a breach in the undertaking given, the insolvency order shall be revived," NCLAT rules. The NCLAT noted that "money being offered by the largest shareholder and former promoter (Riju Raveendran) has nothing to do with the US lenders, which gives the court power to rule."