The Supreme Court on Thursday reserved its verdict on a plea filed by US firm Glas Trust Company LLC challenging the NCLAT order that halted insolvency proceedings against the ed-tech firm Byju’s.
A bench led by Chief Justice D Y Chandrachud instructed the insolvency resolution professional to maintain the status quo until the court issues its ruling. The bench, which also included Justices JB Pardiwala and Manoj Misra, emphasized that the committee of creditors’ meeting should not proceed.
In a previous hearing, the Supreme Court had criticized NCLAT’s decision to set aside insolvency proceedings, suggesting it might send the case back for further examination. The NCLAT had previously approved Byju’s settlement of Rs 158.9 crore with the BCCI, but the Supreme Court later stayed this relief, calling the verdict ‘unconscionable.’
