Against its United States of America-based creditor Glas Trust Company, Byju Raveendran, Founder of EdTech start-up BYJU'S, has filed a caveat before the Supreme Court. This is over the order passed by the insolvency appellate tribunal the National Company Law Appellate Tribunal (NCLAT).
It was on Saturday, August 3, that the caveat was filed before the top court and this came a day after the NCLAT pass an order after the insolvency proceedings against the EdTech major were set aside and the board was restored.
What is a caveat application?
A caveat application is usually filed by a litigant to make sure that there is no order that is issued or passed against them without their side being heard by the court.
Opposing the 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI), Glas Trust alleged that the money paid by Riju Raveendran (brother of Byju Raveendran) was tainted and was a case of "round-tripping", stated a report by PTI.
Expecting that Glas Trust, which is a US-based creditor, would challenge the order of NCLAT before the Supreme Court, Byju filed a caveat requesting to be heard before the Supreme Court issues any order on a plea filed by the US-based creditors.
Last Friday, a two-member NCLAT bench had approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against the edtech major, initiated over a claim filed by the cricket body, stated the PTI report.
