The Supreme Court on Wednesday halted the implementation of the National Company Law Appellate Tribunal (NCLAT) ruling, which had approved the settlement of ₹158.9 crore between edtech giant Byju’s and the BCCI
The apex court also stayed the NCLAT’s decision to dismiss insolvency proceedings against Byju’s.
The bench, led by Chief Justice D.Y. Chandrachud, issued notices to Byju’s in response to a petition filed by U.S.-based creditor Glas Trust Company LLC challenging the NCLAT’s verdict.
In addition, the bench, which included Justices J.B. Pardiwala and Manoj Misra, directed the BCCI to hold the ₹158.9 crore received from Byju’s in a separate account, pending further proceedings.
Earlier, on August 2, the NCLAT had approved the dues settlement between Byju’s and the BCCI and had dismissed the insolvency proceedings against the company, a decision that would have allowed Byju Raveendran to regain control of the firm.
(With inputs from agency)
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