The Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal’s (NCLAT) order, that approved the settlement deal between edtech major Think & Learn Pvt Ltd, the parent of online educational services company BYJU’s, and the Board of Control for Cricket in India (BCCI).
A bench headed by Chief Justice D Y Chandrachud, while issuing notice to Think & Learn, its co-founder Byju Raveendran and BCCI, also stayed the NCLAT order that set aside the insolvency proceedings against Byju’s and restored the board of the debt-ridden firm.
The apex court also asked the cricket board to keep Rs 158 crore, realised in the settlement, in a separate escrow account. The court will hear the matter next on August 23.
The order came on an…
