{"id":1285668,"date":"2024-09-26T10:14:41","date_gmt":"2024-09-26T04:44:41","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1285668"},"modified":"2024-09-26T10:15:01","modified_gmt":"2024-09-26T04:45:01","slug":"sc-to-byjus-why-settle-rs-158-cr-with-bcci-and-leave-rs-15000-dues-for-others","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/sc-to-byjus-why-settle-rs-158-cr-with-bcci-and-leave-rs-15000-dues-for-others\/","title":{"rendered":"SC to Byju’s: Why Settle Rs 158 Cr With BCCI, And Leave Rs 15,000 Dues For Others?"},"content":{"rendered":"\n

On September 25, 2024, the Supreme Court criticized the National Company Law Appellate Tribunal (NCLAT) for insufficient reasoning in its decision to close insolvency proceedings against edtech company Byju’s. Chief Justice of India (CJI) DY Chandrachud expressed doubts about the tribunal\u2019s one-paragraph reasoning and suggested that the case could be referred back to NCLAT for reconsideration. The court remarked that the decision lacked adequate analysis, which is critical in such significant cases.<\/p>\n\n\n\n

\"SC<\/figure>\n\n\n\n
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Byju’s Partial Settlement Sparks Skepticism<\/strong><\/p>\n\n\n\n

The Supreme Court further questioned Byju’s decision to settle Rs 158 crore with the Board of Control for Cricket in India (BCCI)<\/a> while leaving a substantial Rs 15,000 crore unpaid to other creditors. CJI Chandrachud raised a pointed question during the hearing: \u201cWhy did you pick up only BCCI and settle it? What about others?\u201d This partial settlement strategy did not sit well with the court, which emphasized the need for fair treatment of all creditors.<\/p>\n\n\n\n

\n\n\n\n

Glas Trust’s Challenge to NCLAT’s Decision<\/strong><\/p>\n\n\n\n

Glas Trust Company LLC, a US-based financial creditor holding 99.5% of Byju’s debt, opposed the NCLAT’s decision to close the insolvency proceedings. Senior Advocate Shyam Divan, representing Glas Trust, criticized the tribunal\u2019s decision, calling it “arithmetical” and accusing the NCLAT of sidelining Glas Trust without due consideration. Divan argued that Glas Trust’s significant stake in Byju’s debt should have prevented it from being dropped from the decision-making process.<\/p>\n\n\n\n

\n\n\n\n

Next Steps for the Case<\/strong><\/p>\n\n\n\n

The Supreme Court had previously stayed the NCLAT decision, reviving Byju\u2019s insolvency process. With the next hearing scheduled for September 26, 2024, the apex court has indicated that the case might be sent back to NCLAT for fresh deliberation, urging the tribunal to apply a more thorough analysis.<\/p>\n\n\n\n

4o<\/p>\n","protected":false},"excerpt":{"rendered":"

On September 25, 2024, the Supreme Court criticized the National Company Law Appellate Tribunal (NCLAT) for insufficient reasoning in its decision to close insolvency proceedings against edtech company Byju’s. Chief Justice of India (CJI) DY Chandrachud expressed doubts about the tribunal\u2019s one-paragraph reasoning and suggested that the case could be referred back to NCLAT for […]<\/p>\n","protected":false},"author":30,"featured_media":1285678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[303,6179],"class_list":["post-1285668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-byjus","tag-supreme-coiurt"],"acf":[],"yoast_head":"\nSC to Byju's: Why Settle Rs 158 Cr With BCCI, And Leave Rs 15,000 Dues For Others? - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/sc-to-byjus-why-settle-rs-158-cr-with-bcci-and-leave-rs-15000-dues-for-others\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SC to Byju's: Why Settle Rs 158 Cr With BCCI, And Leave Rs 15,000 Dues For Others? - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"On September 25, 2024, the Supreme Court criticized the National Company Law Appellate Tribunal (NCLAT) for insufficient reasoning in its decision to close insolvency proceedings against edtech company Byju’s. 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