New Delhi: The Supreme Court of India has scheduled September 17 to hear an appeal filed by Glas Trust Company LLC against the National Company Law Appellate Tribunal (NCLAT)’s decision to stay insolvency proceedings against ed-tech giant Byju’s.
The NCLAT’s August ruling, which approved Byju’s settlement with the Board of Control for Cricket in India (BCCI) over disputed dues, had provided a significant reprieve to the embattled company. However, Glas Trust Company LLC, a US-based creditor, has challenged the NCLAT’s decision, arguing that it was “unconscionable” and that the settlement terms were unfair to other creditors.
ALSO READ: India TV Expands Reach with Samsung TV Plus Partnership
The Supreme Court’s decision to hear the appeal could have far-reaching implications for Byju’s future. If the Court upholds the NCLAT’s ruling, it would pave the way for the company to continue its operations without facing insolvency proceedings. Conversely, if the Court overturns the NCLAT’s decision, Byju’s could be subject to insolvency resolution proceedings, potentially leading to a change in control or even liquidation.
