The Supreme Court on Wednesday has temporarily halted the National Company Law Appellate Tribunal’s (NCLAT) decision approving a Rs.158.9 crore settlement between edtech giant Byju’s and the Board of Control for Cricket in India.
The Court also paused the NCLAT’s ruling that had dismissed insolvency proceedings against Byju’s.
The bench, led by Chief Justice DY Chandrachud and including Justices JB Pardiwala and Manoj Misra, issued notices to Byju’s in response to a plea filed by US-based creditor Glas Trust Company LLC challenging the NCLAT’s decision.
Additionally, the Court instructed the BCCI to hold the Rs 158.9 crore received from Byju’s in a separate account pending further developments.
This comes after the NCLAT, on August 2, approved the settlement with the BCCI and dismissed the insolvency proceedings, which would have allowed Byju Raveendran, the founder, to regain control of the company.
