SC stays NCLAT verdict approving Rs 158.9 crore dues settlement of Byju’s with BCCI
The Supreme Court on Wednesday stayed the verdict of the insolvency appellate tribunal, NCLAT, approving Rs 158.9 crore dues settlement of edtech major Byju's with the BCCI.
New Delhi: The Supreme Court on Wednesday stayed the verdict of the insolvency appellate tribunal, NCLAT, approving Rs 158.9 crore dues settlement of edtech major Byju’s with the BCCI.
A bench headed by Chief Justice D Y Chandrachud also stayed the NCLAT verdict setting aside the insolvency proceedings against Byju’s.
It issued notices to Byju’s on a plea of US-based creditor Glas Trust Company LLC against the NCLAT verdict.
The bench, also comprising justices J B Pardiwala and Manoj Misra, directed the BCCI to keep in a separate account Rs 158.9 crore received by it from Byju’s in view of a settlement.
On August 2, the National Company Law Appellate Tribunal (NCLAT) had approved the Rs 158.9 crore dues settlement with the BCCI and set aside insolvency proceedings against Byju’s, a move that will effectively put Byju Raveendran back in control of the firm.
