BENGALURU: In a setback for Byju’s, the Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal’s (NCLAT) order that approved the settlement between the edtech firm and the BCCI.
Byju’s US-based lenders had approached the Supreme Court and now insolvency proceedings against the company have been revived. A bench led by Chief Justice DY Chandrachud said that they are staying the judgment. The SC also asked the BCCI to keep Rs 158 crore in a separate escrow account and the next hearing will be held on August 23.
US-based Glas Trust challenged the NCLAT order as it claimed the money (Rs 158 crore) being paid to the BCCI was tainted. Glas Trust is the trustee for lenders to which the edtech firm owes $1.2 billion.
On July…
