August 14th 2024.
The Supreme Court of India has made a significant decision on Wednesday regarding the insolvency proceedings of edtech giant Byju's with the Board of Control for Cricket in India (BCCI). The apex court has put a stay on the verdict of the insolvency appellate tribunal, NCLAT, which had approved a settlement of Rs 158.9 crore between Byju's and the BCCI.
Led by Chief Justice DY Chandrachud, the bench has also stayed the NCLAT's judgment that had dismissed the insolvency proceedings against Byju's. In response to a plea filed by US-based creditor Glas Trust Company LLC, the court has issued notices to Byju's. The bench, comprising of Justice JB Pardiwala and Justice Manoj Misra, has directed the BCCI to keep the received amount of Rs 158.9 crore from Byju's in a separate account, considering the settlement in place.
It is worth noting that on August 2, the National Company Law Appellate Tribunal had approved the settlement of Rs 158.9 crore between Byju's and the BCCI, while also dismissing the insolvency proceedings against the company. This move has effectively put Byju Raveendran, the founder of Byju's, back in control of the firm. The decision of the Supreme Court has been made in light of a plea filed by the US-based creditor, who has challenged the NCLAT's verdict.
This development has sparked a buzz in the business world, as Byju's is a well-known name in the field of education technology. The Supreme Court's intervention in this matter has raised questions and sparked debates, as the case has been closely followed by many. The decision of the apex court will have a significant impact on the future of Byju's and its dealings with BCCI. The matter is still ongoing, and we await further developments in this case.
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