"Without Applying Mind...": Supreme Court Questions Tribunal Order On Byju's-BCCI Settlement
NDTV
The insolvency appellate tribunal NCLAT did not apply its mind while closing insolvency proceedings against Byju's, the Supreme Court has said, noting that it has approved the edtech major's dues settlement worth crores with the BCCI.
The National Company Law Appellate Tribunal (NCLAT)'s relief for Byju's came on August 2 after it approved Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI).
It came as a huge relief for founder Byju Raveendran, which put him back in control. But the relief didn't last long with the Supreme Court on August 14 staying its operations on an appeal by Glas Trust Company LLC, an US-based creditor of the edtech firm. The top court had asked the BCCI to keep the amount it received as part of the settlement in a separate bank account.
