Supreme Court sets aside NCLAT order stopping insolvency process against Byju’s

The Supreme Court Wednesday set aside the judgement of the National Company Law Appellate Tribunal (NCLAT) approving a settlement reached between ed-tech firm Byjus and the Board of Control for Cricket in India (BCCI). As per the settlement, Byju’s had agreed to pay Rs 158 crore to BCCI towards outstanding dues.

Approving the deal, NCLAT set aside the National Company Law Tribunal (NCLT) order initiating the Corporate Insolvency Resolution Process (CIRP) in terms of the Insolvency and Bankruptcy Code (IBC) against Byjus. NCLAT rejected the objections raised by financial creditor GLAS Trust Company LLC, questioning the source of the funds for the settlement.