Supreme Court Overturns Relief for Ed-Tech Giant Byju's

The Supreme Court has overturned the NCLAT's decision that halted insolvency proceedings against ed-tech firm Byju's. The court also reversed the approval of Byju's settlement with the BCCI. The case will undergo fresh adjudication following an appeal from US firm Glas Trust Company LLC.

In a significant judicial decision, the Supreme Court has overturned a ruling by the National Company Law Appellate Tribunal (NCLAT) that had initially stopped insolvency proceedings against the troubled ed-tech firm, Byju's.

The bench, led by Chief Justice D Y Chandrachud, reversed the earlier decision approving Byju's Rs 158.9 crore settlement with the Board of Control for Cricket in India (BCCI), directing the cricket board to deposit the amount with a committee of creditors.

This decision came in response to an appeal filed by Glas Trust Company LLC, a US-based creditor. Observing procedural lapses in NCLAT's handling, the Supreme Court has called for a fresh adjudication of the case.

(With inputs from agencies.)