SC stays NCLAT verdict approving Rs 158.9 crore settlement between Byju's and BCCI
The apex court issued notices to Byju's on a plea of US-based creditor Glas Trust Company LLC against the NCLAT verdict
The Supreme Court on Wednesday (August 14) stayed the verdict of the insolvency appellate tribunal, NCLAT, approving ₹158.9 crore dues settlement of edtech major Byju's with the BCCI.
A bench headed by Chief Justice DY 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 JB Pardiwala and Manoj Misra, directed the BCCI to keep in a separate account ₹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 ₹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.
(With agency inputs)