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Apex court stays NCLAT order on settlement between Byju's, BCCI
The Morning Standard
|August 15, 2024
IN a setback for edtech firm Byju's, the Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal's (NCLAT) order that approved the settlement between the edtech firm and the BCCI.
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Byju's US-based lenders had approached the Supreme Court and now insolvency proceedings against the company have been revived. A bench led by Chief Justice DY Chandrachud said that they are staying the judgment. The SC also asked the BCCI to keep ₹158 crore in a separate escrow account and the next hearing will be held on August 23. US-based Glas Trust challenged the NCLAT order as it
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