The Glass Trust filed a lawsuit in a US court to challenge the settlement, but the court rejected their request.
The Board of Cricket in India (BCCI) will settle the dues of Rs 158 crore with Baiju following the US court's decision. The Glass Trust had filed a lawsuit in the US court to oppose the settlement, but the court rejected their request.
Last week, the National Company Law Appellate Tribunal approved a settlement between the Board of Control for Cricket in India and Baijo over a payment dispute of Rs 158 crore (about US$19 million). However, the move was opposed by the Glass Trust Company, a US-based lender to Baijos. Despite opposition, the NCLAT allowed the parties to proceed with their settlement.
The Glass Trust filed suit in a US court to oppose the settlement, but the court rejected their request. Judge Brendan Shannon ruled that any opposition should be resolved in an Indian court because the transaction is primarily in India's interest. Shannon expressed his concern over interference in the legal proceedings of another country.
"I am deeply concerned that I am being asked for relief that would frustrate proceedings in another country," Judge Brendan Shannon said.
Baiju participated in the court case via video conferencing with the founder's brother Riju Ravindran, representing the company. Baijo's lawyer, Sharon Corpus, argued that Glass Trust's actions to keep bankruptcy proceedings against Baijo active were barred by the tribunal's approval of the settlement. Corpus asserted that challenging the settlement would be an insult to India's judicial system.
"(It) would be an unimaginable insult to the system in India," said the defendant's lawyer.
As matters are still pending, the BCCI will continue with the settlement formalities with Baiju. The settlement relates to unpaid dues from Baiju's sponsorship rights with the Indian cricket board, which were initially contracted until November 2023. Due to bankruptcy proceedings against Baiju, Dream11, a fantasy sports platform founded by Harsh Jain, acquired the title sponsorship rights. Dream 11 will hold these rights until mid-2026.
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