SC reserves verdict on plea challenging NCLAT order over Byju’s insolvency proceedings

New Delhi [India], September 26 (ANI): The Supreme Court on Thursday reserved its order on a plea challenging a National Company Law Appellate Tribunal decision to halt insolvency proceedings initiated by Byju’s.

A bench headed by Chief Justice DY Chandrachud and also comprising Justices JB Pardiwala and Manoj Misra asked the Insolvency Resolution Professional to maintain the status quo and not to hold any meeting with the committee of creditors to deal with the Byju’s case till the matter is decided by the top court.

“Judgement reserved,” the top court said. The court further added, “until the judgement is pronounced, the interim resolution professional shall maintain the status quo.”

The court was hearing the Glas Trust Company LLC plea challenging NCLAT order. Earlier, NCLAT had allowed the settlement between Byju’s Raveendran and the BCCI.

Chennai’s NCLAT branch had earlier a settlement between Byju’s and BCCI regarding unpaid dues amounting to Rs 158 crore.

The court has raised questions about whether the NCLAT had applied its mind while deciding the matter and also indicated that it may be inclined to send the issue back to the NCLAT to hear it afresh.