Edtech company Byju’s, which is facing financial crisis, has suffered a major setback. The Supreme Court has stayed the order of the Insolvency Appellate Tribunal approving the settlement of Byju’s dues of Rs 158.9 crore with BCCI. The court has also stayed the order of the National Company Law Appellate Tribunal (NCLAT) to cancel the bankruptcy proceedings against Byju’s. Along with this, the court has issued a notice to Byju’s on the petition of American lender Glass Trust Company against the decision of NCLAT. Along with this, the court has directed BCCI to keep Rs 158.9 crore received from Byju under the agreement in a separate account.<\/p>\n<\/div>\n
\n
The American court gave this decision<\/h2>\n
Earlier, Byju’s had informed that a US court has rejected the application of GLAS Trust Company to temporarily stay its agreement with the Board of Control for Cricket in India (BCCI). GLAS had also opposed the agreement with BCCI before NCLAT and alleged that the amount given by Riju Ravindran was a case of ’round-tripping’. Let us tell you that earlier this month, the National Company Law Appellate Tribunal (NCLAT) had allowed Byju’s to settle the dues of Rs 158.9 crore with BCCI. With this, the bankruptcy proceedings against Byju were stopped.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"
Edtech company Byju’s, which is facing financial crisis, has suffered a major setback. The Supreme Court has stayed the order of the Insolvency Appellate Tribunal approving the settlement of Byju’s dues of Rs 158.9 crore with BCCI. The court has also stayed the order of the National Company Law Appellate Tribunal (NCLAT) to cancel the […]<\/p>\n","protected":false},"author":1,"featured_media":30818,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images1.livehindustan.com\/smart\/img\/2024\/08\/14\/1200x900\/byju_1687521166_1723621877159.JPG","fifu_image_alt":"","footnotes":""},"categories":[43785],"tags":[],"class_list":{"0":"post-30817","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n
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