Supreme Court sets aside NCLAT decision closing insolvency proceedings against ed-tech company Byju’s

New Delhi [India], October 23 (ANI): The Supreme Court on Wednesday set aside the decision of National Company Law Appellate Tribunal (NCLAT) closing the insolvency proceedings against ed-tech company Byju’s by accepting a settlement between it and the Board of Control for Cricket in India (BCCI) for about Rs 158 crores.

A bench headed by Chief Justice DY Chandrachud also said that the amount of Rs. 158 crores to be deposited into the escrow account of the Committee of Creditors shall be maintained by them.

While reserving its order, the top court 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.

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

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

The top court earlier had raised questions about whether the NCLAT had applied its mind while deciding the matter.