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Supreme Court sets aside Byju's, BCCI settlement
The Morning Standard
|October 24, 2024
IN a major setback to edtech giant Byju's, the Supreme Court on Wednesday in its verdict set aside the National Company Law Appellate Tribunal (NCLAT)'s order that had approved the ₹158 crore settlement between Byju's (Think and Learn Pvt Ltd) and the Board of Control for Cricket in India (BCCI).
The decision effectively means insolvency proceedings against the Bengaluru-based edtech company would restart.
A three-judge bench of the top court, led by the Chief Justice of India (CJI) D Y Chandrachud asked Byju's & other parties to approach the Committee of Creditors (CoC) to pursue their remedies. It also directed that the amount of Rs 158 crore will have to be deposited into the escrow account of the CoC.
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