In a significant development for BYJU’S, the Supreme Court of India has reinstated insolvency proceedings against the beleaguered edtech startup. This decision, made on August 14, marks a crucial turn in the ongoing financial turmoil faced by the company.
Court Decision and Its Implications
The Supreme Court bench, led by Chief Justice DY Chandrachud and including Justices JB Pardiwala and Manoj Mishra, overturned the National Company Law Appellate Tribunal (NCLAT) order that had previously dissolved the insolvency proceedings. The NCLAT had approved a settlement concerning INR 158.9 crore in unpaid dues owed by BYJU’S to the Board of Control for Cricket in India (BCCI), effectively ending the insolvency case.
The court’s order…
