This is not interpreted by anyone authoritative, but I will try according to my understanding:
In this case the prince of the world is Christ Himself. As Christ in spirit delivers the same eternal message as Baha'u'llah, they are interchangeable with each other. He was cast out of this world when He was crucified. Why would Satan have been cast out out?
The whole passage in context is:
And when he is come, he will reprove the world of sin, and of righteousness, and of judgment: Of sin, because they believe not on me; Of righteousness, because I go to my Father, and ye see me no more; Of judgment, because the prince of this world is judged.
John, "The Gospel of John - ευαγγέλιο του ιωάννη", 16:8 -11
Baha'u'llah was judged one way or the other when He came.
Yeah, the NIV has "condemned" in John 16:11...
Unless I go away, the Advocate will not come to you; but if I go, I will send him to you. 8 When he comes, he will prove the world to be in the wrong about sin and righteousness and judgment: 9 about sin, because people do not believe in me; 10 about righteousness, because I am going to the Father, where you can see me no longer; 11 and about judgment, because the prince of this world now stands condemned.
For John 12:30 it has this...
28 Father, glorify your name!”
Then a voice came from heaven, “I have glorified it, and will glorify it again.” 29 The crowd that was there and heard it said it had thundered; others said an angel had spoken to him.
30 Jesus said, “This voice was for your benefit, not mine. 31 Now is the time for judgment on this world; now the prince of this world will be driven out.
But these verses have other issues... in 16:9 it has the "Advocate." Is it the Holy Spirit or Baha'u'llah? Then in John 12:28, it has God speaking from heaven.
I believe the Born-Again Christian interpretation is accurate. But I don't believe those things, like God speaking from heaven, are necessarily true. And that includes their interpretation of the "prince of this world" be Satan. But then with that, I'd much rather not believe that God created an evil lesser god.
So, although I believe the Christian interpretation, and don't believe the Baha'i interpretation, similar to some Baha'is, I believe those stories are fictional or at least greatly embellished.