The Supreme Court today (August 14) stayed the NCLAT order which closed the insolvency proceedings initiated by the Board of Controllers of Cricket in India (BCCI) against ed-tech firm BYJU’s over the dues of Rs. 158 Crores based on a settlement between the parties.
The bench led by CJI DY Chandrachud comprising Justices JB Pardiwala and Manoj Misra was hearing the challenge to the NCLAT’s decision by a US-based lender Glas Trust Company LLC in appeal.
The Court stayed the impugned order and directed the BCCI to deposit the sum of 158 Crores in a separate escrow account till further orders.
“Issue notice, pending further orders there shall be a stay of the impugned order of 2nd August 2024 NCLAT. In the meantime, the Board of Control for…
