Aug 14, 07:24 AM

India's Supreme Court Revives Byju's Insolvency Proceedings, Halts Rs 158 Crore BCCI Settlement

US lenders have appealed to India's Supreme Court against a previous verdict that quashed insolvency proceedings against the education startup Byju's. The appeal was led by Glas Trust Company LLC, representing some of Byju's lenders, including those involved in a $1.2 billion term loan. India's top court has now revived the insolvency proceedings, marking a setback for Byju's. Additionally, the Supreme Court has stayed an NCLAT order that allowed Byju's to settle its dues with the Board of Control for Cricket in India (BCCI) by paying Rs 158 crore. The court has asked BCCI to maintain the Rs 158 crore in a separate account.

#India #Supreme Court #Glas Trust Company LLC #Byju #BCCI

Written with ChatGPT (GPT-4o).

Sources

Young Turks@CNBCYoungTurks
2 years ago
🏮 In a setback for Byju's, the Supreme Court has stayed NCLAT’s order which allowed the edtech to pay Rs 158 cr to settle its dues with BCCI. Plea in SC by Glas Trust Company LLC has sought that BCCI maintains Rs. 158 cr in a separate escrow account. https://t.co/vtMeUuL3vG
TechCrunch@TechCrunch
2 years ago
India’s top court clears way for Byju’s insolvency proceedings https://t.co/1Yxo2YAlPo
Supriya Roy@supriya_speaks
2 years ago
🚨🚨 SC stays NCLAT order that allowed BCCI to settle its dues with Byju's https://t.co/0ugrecUTBw

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