Byju's back in insolvency as SC mixes NCLAT order

The Supreme Court on Wednesday set aside the National Company Law Appellate Tribunal (NCLAT) order halting the insolvency proceedings against edtech firm Byju's on a petition filed by US-based creditor firm Glas Trust Company LLC, which represents lenders to which Byju's owes $1.2 billion.

- BHAVINI MISHRA & PEERZADA ABRAR

This order has sent cash-strapped Byju's back to the corridors of the National Company Law Tribunal (NCLT), where it will once again face the insolvency proceedings that had kicked off on a plea filed by the Board of Control for Cricket in India (BCCI).

In July, the NCLT had started the insolvency proceedings after BCCI alleged that Byju's had defaulted on ₹158 crore. But the NCLAT halted the proceedings after Byju's claimed that it had reached an agreement to pay ₹158 crore to BCCI towards outstanding dues.

But Glas Trust, while alleging that the money was "illegal" and siphoned from them, had moved the apex court.