SC stays NCLAT verdict approving Rs 158.9 crore dues settlement of Byju’s with BCCI
XSupreme Court (PTI)
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.