In a significant setback for edtech company BYJU’S, the Supreme Court of India on Wednesday set aside the NCLAT’s August ruling that approved a Rs 158 crore settlement between BYJU’S and the BCCI and halted insolvency proceedings against the firm.
The apex court determined that the NCLAT’s ruling of the settlement breached essential procedures outlined in the Insolvency and Bankruptcy Code (IBC).
Glas Trust, representing a group of BYJU’S creditors, challenged the NCLAT’s approval of the settlement with the BCCI in the Supreme Court.
The ruling was delivered by a bench headed by Chief Justice DY Chandrachud, which included Justices JB Pardiwala and Manoj Misra.
This story will be updated.
