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Top Court sets aside NCLAT order halting insolvency proceedings against Byju's
Millennium Post Delhi
|October 24, 2024
NEW DELHI: In a significant verdict, the Supreme Court on Wednesday set aside the National Company Law Appellate Tribunal's (NCLAT) verdict that had stopped insolvency proceedings against embattled ed-tech firm Byju's.
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A bench of Chief Justice D Y Chandrachud, and Justices J B Pardiwala and Manoj Misra also reversed the order of the NCLAT approving Byju's Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) and directed the cricket board to deposit the settlement amount of Rs 158.9 crore with a committee of creditors.
The bench held that the US firm Glas Trust Company LLC, being the creditor, has the locus to intervene in matters related to the corporate insolvency proceedings at NCLT, NCLAT and in the apex court as an affected party.
The top court rapped the insolvency appellate tribunal, NCLAT, for flouting established rules in stopping the insolvency proceedings against the ed-tech firm by taking recourse to its inherent powers.
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