In a win for BYJU’S’ lenders, the Supreme Court of India has issued an interim order staying the National Company Law Appellate Tribunal’s (NCLAT) decision that had allowed a settlement between the edtech company and the Board of Control for Cricket in India (BCCI) regarding outstanding dues of approximately Rs 158.9 crore.
The apex court has effectively put the insolvency proceedings against BYJU’S back on the table, reversing the NCLAT’s earlier verdict that had set them aside.
Meanwhile, Chief Justice DY Chandrachud, who headed the three-judge bench, directed that the amount paid by BYJU’S to the BCCI be held in a separate escrow account pending further review, according to Bar and Bench.
The top court’s order comes in response to an…
