Supreme Court stays NCLAT verdict approving Rs 158.9 crore dues settlement of Byju's with BCCI

A bench headed by CJI D Y Chandrachud also stayed NCLAT verdict setting aside insolvency proceedings against Byju's

PTI

Updated At : 04:34 PM Aug 14, 2024 IST

The bench issued notices to Byju's on a plea of US-based creditor against the NCLAT verdict. Representative image/Reuters file

New Delhi, August 14

The Supreme Court on Wednesday stayed the verdict of the insolvency appellate tribunal, NCLAT, approving Rs 158.9 crore dues settlement of edtech major Byju's with the BCCI.

A bench headed by Chief Justice D Y Chandrachud also stayed the NCLAT verdict setting aside the insolvency proceedings against Byju's.

It issued notices to Byju's on a plea of US-based creditor Glas Trust Company LLC against the NCLAT verdict.

The bench, also comprising justice J B Pardiwala and justice Manoj Misra, directed the BCCI to keep in a separate account Rs 158.9 crore received by it from Byju's in view of a settlement.

On August 2, the National Company Law Appellate Tribunal (NCLAT) had approved the Rs 158.9 crore dues settlement with the BCCI and set aside insolvency proceedings against Byju's, a move that will effectively put Byju Raveendran back in control of the firm.

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

Designed and developed by : SORTD

Suggested Articles