Here comes a blow for EdTech BYJU'S.
Today, Wednesday, August 14, the Supreme Court has stayed the verdict of the insolvency appellate tribunal National Company Law Appellate Tribunal (NCLAT) with regards to setting aside the insolvency proceedings against it and green-lighting its Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI).
It may be recalled that the judgement of August 2 was a breather for the EdTech major and had placed the Founder of BYJU'S, Byju Raveendran, back at the help of affairs at the EdTech, stated a report by PTI.
Now, the apex court has called the verdict of NCLAT as "unconscionable". Notices have been issued to BYJU'S on the appeal.
The case stemmed from BYJU'S default on Rs 158.9 crore payment related to a sponsorship deal with the Board of Control for Cricket in India (BCCI).
"We are staying the judgement (of NCLAT). This is unconscionable," observed the bench which comprised Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra.
"Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 Crores, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench said.
