The Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal’s order that allowed the Indian cricket board’s settlement with debt-laden edtech firm Byju’s.
The top court asked the Board of Control for Cricket in India, an operational creditor to Byju’s, to deposit the settlement amount of ₹158 crore in a separate escrow account until the pendency of an appeal by a US lender to Byju’s.
A bench led by Chief Justice of India DY Chandrachud was hearing an appeal filed by US-based lender Glas Trust Inc opposing the settlement. Glas Trust claimed Byju’s owes it more than ₹8,000 crore and, as a financial creditor, it should get priority in repayments.
While allowing the BCCI settlement, the tribunal on 2…
