No concept of “provisional constitution” of CoC under IBC: NCLAT Dismisses Byju's Plea

The NCLAT has dismissed a Byju's plea, ruling that there is "no concept of a provisional constitution of a CoC under the IBC." The tribunal's decision clarifies a key procedural aspect of the IBC. The ruling reinforces the principle that a CoC cannot be provisionally constituted. This is a crucial precedent for other cases.