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The Supreme Court rejected the decision of the National Company Law Appellate Tribunal (NCLAT) in which it had stayed the insolvency proceedings against the troubled educational technology company Byju's. Chief Justice D.Y. Chandrachud, Justice J. B. A bench of Justice Pardiwala and Justice Manoj Mishra overturned that NCLAT order as well.
New Delhi. The Supreme Court has rejected the decision of the National Company Law Appellate Tribunal (NCLAT) in which it had stayed the insolvency proceedings against the troubled educational technology company Byju's. Chief Justice D.Y. Chandrachud, Justice J. B. A bench of Justice Pardiwala and Justice Manoj Mishra also overturned the NCLAT order allowing Byju to settle his dues of Rs 158.9 crore with the Board of Control for Cricket in India (BCCI).
The court directed the cricket board to deposit the settlement amount of Rs 158.9 crore with the committee of creditors. The bench gave its verdict on the petition of American company Glass Trust Company LLC against the NCLAT order. The court said NCLAT did not exercise discretion while closing the insolvency proceedings against the educational technology major and ordered a fresh decision in the case.
NCLAT had on August 2 ordered closure of the insolvency proceedings against Byju's after approving the settlement of Rs 158.9 crore dues with the Board of Control for Cricket in India (BCCI). The decision came as a huge relief to Byju's, as it effectively brought its founder Byju Raveendran back to the controlling position. However, this relief was short-lived as in a blow to Byju, the apex court had stayed the NCLAT decision on August 14. The case pertains to Byju's default in payment of Rs 158.9 crore related to a sponsorship deal with BCCI.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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