On Thursday, the Supreme Court of India declined to defer or impose a stay on the operations of a Committee of Creditors (CoC) recently established to oversee the corporate insolvency resolution process (CIRP) for the ed-tech firm Byju’s [Glas Trust Company LLC v. Byju Raveendran and ors].
The Bench, comprising Chief Justice of India (CJI) DY Chandrachud, Justices JB Pardiwala, and Manoj Misra, indicated that it would not consider issuing a stay order to restrain the CoC proceedings without first reviewing the case on its merits.
“If we dismiss the appeal, everything goes. If we dismiss their appeal, they cannot later invoke Section 12A. We need to hear the matter on its merits,” said the CJI before adjourning the case…
