<h1>Cricket board and edtech co-founder lose Supreme Court appeal on insolvency withdrawal requiring creditor approval</h1> The Supreme Court dismissed appeals by cricket board and an edtech company co-founder seeking withdrawal of insolvency proceedings. The appellants challenged a tribunal order directing their settlement offer be placed before the Committee of Creditors, which includes a US-based trustee representing lenders owed $1.2 billion. The appellants argued their withdrawal application was filed before the creditors committee formation, making different regulatory provisions applicable. However, the appellate tribunal found the withdrawal form was actually filed after committee formation, requiring 90% creditor approval under insolvency code provisions. The insolvency proceedings began in July 2024 over unpaid dues, with the appellate tribunal initially approving a settlement in August 2024. This was later challenged by the financial creditor trustee. The Supreme Court previously set aside the settlement approval and directed the cricket board to approach the tribunal through proper channels.