NCLAT did not apply its mind in edtech firm Byju's case: Supreme Court

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NCLAT did not apply its mind in edtech firm Byju's case: Supreme Court - Business Standard

Quick Summary:

The NCLAT had on August 2 noted that “money being offered by the largest shareholder and former promoter (Riju Raveendran) has nothing to do with the US lenders, which gives the court power to rule.

The court also asked Byju’s lawyers why they picked just BCCI to settle with when there are several other lenders.“When the quantum of the debt is so large, can one creditor walk away saying one promoter is ready to pay me?

Although the applicant is not satisfied with the undertaking, the applicant has also not brought on record any evidence to the contrary that the money being offered has actually been brought by Riju Raveendran from the money disbursed to the borrower in terms of the credit agreement or has been taken out of the coffers of the CD.