The National Company Law Appellate Tribunal (NCLAT) ruling against Ed-Tech company BYJU’s, the former sponsor of the Indian team, and its INR 158.9 crore dues settlement with the BCCI were delayed by the Supreme Court on August 14. On August 22, the supreme court declined to issue a temporary injunction that would have stopped the Committee of Creditors (CoC) from convening to discuss the firm’s bankruptcy.
Chief Justice D Y Chandrachud, Justices J B Pardiwala and Manoj Misra have scheduled August 27 as the last date for hearing the petition, even though the limits are a major blow to BYJU’s prospects of reprieve. Prior to this, US-based creditor Glas Trust Company LLC had appealed to the highest court against NCLAT.
The Indian Express cited the court as saying, “Until further orders, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account.”
The Justices on the aforementioned bench also stated that if it determines that the US-based creditor’s appeal has no basis, future developments may be dismissed. Give notice. The contested order from NCLAT’s August 2 shall be stayed until further orders.
Unfair CoC formation: Abhishek Singhvi
Senior barrister Abhishek Singhvi represented BYJU’s in court, while Solicitor General Tushar Mehta defended the Board of Control for Cricket in India. The US company owns 98 percent of the CoC, which was established in between, according to both sides. Singhvi, speaking on behalf of BYJU’s, countered that the CoC’s constitution at 7 p.m. on August 21 will be unjust and might turn the case against the company.
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“With the consent of the court, this COC could have been established tomorrow. Singhvi stated, “The purpose of this entire affair is to make my argument irrevocable.
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