Byju’s in trouble again as SC scraps NCLAT ruling on insolvency proceedings

In a significant setback for edtech giant Byju’s, the Supreme Court has annulled the National Company Law Appellate Tribunal (NCLAT) ruling that sanctioned a settlement of Rs 158 crore between Byju’s (Think and Learn Pvt Ltd) and the Board of Control for Cricket in India (BCCI) on October 23.

This ruling nullifies the NCLAT’s earlier decision that had halted insolvency proceedings against Byju’s following its agreement with the BCCI. The Supreme Court found that the NCLAT had not adhered to the procedural norms established in the Insolvency and Bankruptcy Code (IBC), thus wrongly approving the settlement.