Riju Raveendran on Thursday informed the National Company Law Appellate Tribunal (NCLAT) Chennai that he is settling the dues owed by Byju’s parent Think & Learn Private Limited to the Board of Control for Cricket in India (BCCI) through personal funds, while the lenders continued to oppose the settlement proposal.

NCLAT Chennai has directed that the committee of creditors for Byju’s, which is facing insolvency proceedings, should not be formed till August 2 and told the parties involved to conclude their arguments on Friday.

National Company Law Tribunal (NCLT), Bengaluru had ordered insolvency proceedings against Think & Learn Private Limited in a case filed by BCCI claiming a default of ₹158 crore. Byju Raveendran, the suspended director, shareholder and promoter of the edtech company has moved an appeal before NCLAT.

BCCI and Byju’s informed NCLAT that they are looking to settle the issue, with Riju Raveendran, brother of Byju Raveendran, offering to settle the dues through his personal funds.

However, NCLAT had sought for the details of funds, after certain lenders questioned the settlement and alleged that the funds were tainted money, citing a judgement from Delaware Court in a case relating to Byju’s U.S. entity Byju’s Alpha.

U.S. lenders represented by Glas Trust had disbursed $1.2 billion to Byjus Alpha, a step-down subsidiary of Think and Learn and a missing $533 million of the amount has been subject matter of dispute between the parties before the Delaware Court.

Riju Raveendran on Thursday filed an affidavit before NCLAT, that he would settle BCCI’s entire dues of ₹158 crore and ₹50 crore has already been paid through RTGS.

Another ₹25 crore will be paid on August 2 through RTGS and ₹83 crore to be paid on or before August 9 through RTGS, he added.

Now to secure the balance ₹83 crore we propose to hand over a post-dated cheque drawn on ICICI Bank in favour of BCCI. We would be bound by the undertaking given here in and in event of any default we will be binding by the NCLT’s 16 July order initiating insolvency proceedings against Byju’s, Riju Raveendran’s affidavit said, adding that it is an unconditional undertaking.

He also said the settlement amount was not in violation of any order, including that of the Delware court.

Riju Raveendran also said he had raised ₹3,600 crore by selling his shares in Byju’s parent company, Think and Learn Pvt. Ltd., to other investors between May 2015 and January 2022 and paid ₹1,050 crore as income tax. The remaining ₹2,600 crore, he said, had been infused in Think & Learn for operational needs, including to pay the salaries of its 27,000 employees.

He said through liquidation of his personal assets in India the settlement has been made and it has nothing to do with the $533 million.

However, lenders continued to oppose the settlement proposal questioning how a settlement can be proposed when the company is struggling to pay salaries and argued that withdrawal of

insolvency should not be allowed at the instance of the operational creditors.