Supreme Court sets aside NCLAT order stopping insolvency proceedings against ed-tech firm Byju’s

In a significant verdict, the Supreme Court on Wednesday set aside the National Company Law Appellate Tribunal’s (NCLAT) verdict that had stopped insolvency proceedings against embattled ed-tech firm Byju’s.

A bench of Chief Justice D Y Chandrachud, and Justices J B Pardiwala and Manoj Misra also reversed the order of the NCLAT approving Byju’s Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) and directed the cricket board to deposit the settlement amount of Rs 158.9 crore with a committee of creditors.