Particle.news

Download on the App Store

Supreme Court Overturns Byju's Settlement with BCCI, Resumes Insolvency Proceedings

The Indian Supreme Court has nullified a previous tribunal ruling, reopening insolvency proceedings against Byju's and directing the settlement amount to a creditors' committee.

  • The Supreme Court of India reversed the National Company Law Appellate Tribunal's decision that had halted insolvency proceedings against Byju's.
  • The court ruled that the Rs 158.9 crore settlement with the Board of Control for Cricket in India (BCCI) was improperly approved.
  • Glas Trust Company LLC, representing US lenders, successfully appealed against the settlement, citing concerns over fund misuse.
  • The court directed that the settlement funds be placed in an escrow account under the Committee of Creditors pending further review.
  • Byju's, once valued at $22 billion, faces renewed financial scrutiny amid ongoing disputes with international creditors.
Hero image