Byju’s
The Supreme Court on Wednesday said it will hear on September 17 the appeal of US-based lender Glass Trust Company LLC against the decision of the National Company Law Appellate Tribunal (NCLT). NCLAT had stayed the bankruptcy proceedings against the financially troubled education-technology company Byju’s and approved the settlement of dues of Rs 158.9 crore with BCCI. Senior advocate N.K. Kaul, appearing for Byju’s, urged a bench of Chief Justice D.Y. Chandrachud, Justice J.B. Pardiwala and Justice Manoj Mishra that the matter needs to be heard soon.
Two petitions should be heard together
Solicitor General Tushar Mehta, appearing for BCCI, and senior advocate Abhishek Singhvi, appearing for the education-technology company, supported the submission. Kaul said that another petition has also been filed in the case, which is listed for September 17. So either the current petition should be heard on the same day or both the cases should be heard this Friday. The Chief Justice said, “We will hear both the petitions on September 17.” Earlier on August 22, the bench had refused to pass an interim order to ensure that the Committee of Creditors (CoC) will not hold any meeting in connection with the insolvency proceedings against the troubled education-technology company.
The court had stayed the decision of NCLT
Senior advocate Shyam Divan, appearing for the US lender, said these cases should be heard together on September 17. Earlier on August 22, the bench had refused to give an interim order to the Committee of Creditors (CoC) not to hold any meeting to continue the insolvency proceedings against the financially troubled education-technology company Byju’s. The bench had said that it would hold the final hearing in the matter on August 27. In a setback to Byju, the apex court had stayed the NCLAT decision on August 14. Earlier, the August 2 decision of the appellate tribunal brought great relief to Byju as it effectively brought back founder Byju Ravindran in control. The case is related to Byju’s default in payment of Rs 158.9 crore related to a sponsorship deal with the BCCI. The apex court had directed the BCCI to keep the amount of Rs 158 crore received from Byju after the settlement in a separate account till further orders. Byju’s had signed a ‘Team Sponsor Agreement’ with the BCCI in 2019. The company fulfilled its obligations by mid-2022, but it defaulted on subsequent payments of Rs 158.9 crore.
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