NEW DELHI: The Supreme Court on Wednesday stayed an order by the National Company Law Appellate Tribunal, which set aside the insolvency proceedings against edtech major Byju's.
The top court also halted the decision approving Byju's Rs 158.9 crore dues settlement deal with the BCCI.
A bench of Chief Justice D Y Chandrachud passed its order on a plea by US-based creditor Glas Trust Company LLC against the NCLAT verdict.
The bench, also comprising Justices J B Pardiwala and Manoj Misra, directed the BCCI to keep Rs 158.9 crore received by it from Byju's in an escrow account, until further directions.
The court also issued notices to Byju's on the plea, questioning validity of August 2, 2024 order by the NCLAT.
During the hearing, Solicitor General Tushar Mehta, appearing for the BCCI, opposed the stay order, seeking an opportunity of hearing.
Senior advocate A M Singhvi for Byju's also contested the stay while appearing on caveat.
Senior advocate Shyam Divan, appearing for the creditor, however, contended the settlement was against the statutory provisions.
The dispute between the BCCI and Byju's related to the sponsorship contract for providing jerseys to the Indian Cricket Team.
