NCLAT did not apply its mind in edtech firm Byju’s case: Supreme Court

The Supreme Court on Wednesday raised concerns about the National Company Law Appellate Tribunal (NCLAT) order, which closed the insolvency proceedings against beleaguered edtech firm Byju’s, saying that the appellate tribunal “did not apply its mind at all”.

“See the reasoning in NCLAT order. Which is just a para (para 44). This does not show any application of mind at all… Let the Tribunal again apply its mind and see it afresh,” Chief Justice of India (CJI) DY Chandrachud said while hearing the appeal filed by US-based lender Glas Trust Company, challenging the NCLAT order approving the settlement of Rs 158 crore between the edtech firm and the Board of Control for Cricket in India (BCCI).