Setback to Byju, SC reverses NCLAT order closing insolvency proceedings

In a setback to ed-tech company Byju, the Supreme Court on Wednesday set aside the decision of the National Company Law Appellate Tribunal (NCLAT) closing the insolvency proceedings against ed-tech company Byju's by accepting a settlement between it and the Board of Control for Cricket in India (BCCI) for about Rs 158 crores.

A bench headed by Chief Justice DY Chandrachud and also comprising Justices JB Pardiwala and Manoj Misra set aside the judgment of the NCLAT dated 2 August.

"We allow the present appeal and set aside the impugned judgment of the NCLAT dated 2 August 2024 in the above terms. At this stage, it would not be appropriate for this Court to adjudicate on the objections of the appellant to the settlement agreement on merits. The issues raised are the subject matter of several litigations in different fora, including the Delaware Court and investigations by various authorities, including the Enforcement Directorate, which are pending," the top court said.