Supreme Court stays BYJU'S-BCCI settlement, revives insolvency proceedings

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Supreme Court stays BYJU'S-BCCI settlement, revives insolvency proceedings - YourStory

Quick Summary:

Chief Justice DY Chandrachud, who headed the three-judge bench, directed that the amount paid by BYJU'S to the BCCI be held in a separate escrow account pending further review.

The NCLT's order acknowledged that the debt and default by BYJU’S were established, thus warranting the commencement of CIRP under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016.

The apex court has effectively put the insolvency proceedings against BYJU'S back on the table, reversing the NCLAT's earlier verdict that had set them aside.