The Supreme Court on August 14 revived the insolvency case against beleaguered edtech company BYJU’S. The top put the order of National Company Law Appellate Tribunal (NCLAT) quashing insolvency proceedings on hold.
The apex court has halted the NCLAT order that allowed BYJU’S to pay ₹158 crore to settle its dues with the Board of Control for Cricket in India (BCCI). The court termed the NCLAT order “unconscionable” and is set to hear the case on August 23.
The plea in Supreme Court by Glas Trust Company LLC has sought that BCCI maintains ₹158 crore in a separate escrow account.
In February this year, US-based non-bank loan agency Glas Trust Company LLC had filed an insolvency plea in NCLT Bengaluru against BYJU’S. Glas Trust…
