The Supreme Court on Wednesday stayed a recent judgment delivered by the National Company Law Appellate Tribunal (NCLAT) closing insolvency proceedings initiated against ed-tech firm Byju’s (Glas Trust Company LLC v. Byju Raveendran and ors).
A Bench of Chief Justice of India (CJI) DY Chandrachud with Justices JB Pardiwala and Manoj Misra passed the stay order after a financial creditor Glas Trust Company LLC approached the top court challenging the NCLAT verdict.
By the August 2 ruling under challenge, the NCLAT had allowed an appeal filed by Byju Raveendran, the founder of Byju’s, against an order the initiating insolvency resolution proceedings.
The appellate tribunal made the decision in view of a settlement reached between…
