Supreme Court to Hear BYJU’s Appeal Against NCLAT Ruling

The Supreme Court will hear an appeal on September 17 by US-based creditor Glas Trust Company LLC against an NCLAT judgment that stayed insolvency proceedings against BYJU’s. The NCLAT had approved BYJU’s Rs 158.9 crore settlement with the BCCI. The case stems from a sponsorship payment default by BYJU’s.

The Supreme Court has scheduled an appeal hearing for September 17 concerning the US-based creditor Glas Trust Company LLC's opposition to an NCLAT ruling. This ruling had paused insolvency proceedings against ed-tech giant BYJU's while approving a Rs 158.9 crore settlement with the Board of Control for Cricket in India (BCCI).

Chief Justice D Y Chandrachud, along with Justices J B Pardiwala and Manoj Misra, announced the date following requests from multiple lawyers representing the involved parties, stressing the urgency of the case.

The case traces back to BYJU's failure to meet a Rs 158.9 crore payment obligation related to a BCCI sponsorship deal. The NCLAT's August 2 decision in favor of BYJU's had been contested by the company's US-based creditor.

(With inputs from agencies.)