US court rejects GLAS’ application for temporary restraining BCCI settlement: BYJU’S

New Delhi: A US court has rejected GLAS Trust Company’s application for a temporary restraining order aimed at blocking the Board of Control for Cricket in India (BCCI) settlement, edtech firm BYJU’S said on Thursday.

Early this month, insolvency appellate tribunal NCLAT had approved a Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against BYJU’S.

Think and Learn, which owns BYJU’S brand, said it welcomes the decision of the Delaware Bankruptcy Court to reject attempts by GLAS (purporting to represent the foreign lender consortium) to impede the company’s ongoing turnaround efforts.