NEW DELHI: The Supreme Court on Wednesday set aside National Company Law Appellate Tribunal's order which had stopped the insolvency proceedings against edtech major Byju's and approved Rs 158.9 crore dues settlement of the company with the BCCI.
A bench of Chief Justice of India D Y Chandrachud and Justices J B Pardiwala and Manoj Misra directed the BCCI to deposit the settlement amount of Rs 158.9 crore with the Committee of Creditors (CoC).
SC Directs BCCI to Deposit Rs 158.9 Crore with Committee of Creditors in Byju’s Insolvency Case
An appeal was filed by US-based creditor firm Glas Trust Company LLC against the NCLAT order.
Pronouncing the judgment, the bench ordered fresh adjudication in the case.
The court held that the NCLAT did not apply its mind while closing the insolvency proceedings against the ed-tech major.
On August 14, the Supreme Court had stayed the NCLAT's order of August 2, which granted relief to the embattled ed-tech firm by setting aside the insolvency proceedings against it after approving its Rs 158.9 crore dues settlement with the BCCI.
NCLAT Failed to Apply Proper Judicial Mind in Closing Insolvency Proceedings, Says Apex Court
The dispute between the BCCI and Byju's arose out of the sponsorship contract for providing jerseys to the Indian Cricket Team.
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