Byju's insolvency proceedings case: Supreme Court to hear plea on September 17

Supreme Court to hear appeal against NCLAT judgment on Byju's insolvency proceedings and BCCI settlement on September 17.

The Supreme Court on Wednesday (September 11, 2024) said it will hear on September 17 the appeal of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal (NCLAT), which had stayed insolvency proceedings against ed-tech firm BYJU’s and approved its ₹158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI.)

A Bench comprising Chief Justice D.Y. Chandrachud and Justices J.B. Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case.

The plea was mentioned by senior advocate N.K. Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm.

Mr. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. “We will hear both the pleas on September 17,” the CJI said.

Senior advocate Shayam Divan, appearing for the U.S.-based creditor, said let the matters be heard together on September 17. Earlier on August 22, the Bench had refused to pass an interim order to ensure that the Committee of Creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27.

The Bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the U.S.-based creditor against the judgment of appellate insolvency tribunal NCLAT.

The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm.