The Byju's logo.
Credit: Reuters Photo
New Delhi: The Supreme Court on Wednesday stayed an order by the National Company Law Appellate Tribunal (NCLAT), which set aside the insolvency proceedings against ed-tech major Byju's and approved its Rs 158.9 crore dues settlement with the BCCI.
Acting on a plea by US-based creditor Glas Trust Company LLC against the NCLAT verdict, a bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra directed the BCCI to keep Rs 158.9 crore received by it from Byju's in an escrow account, until further directions.
The court also issued notices to Byju's on the plea, questioning the validity of the August 2, 2024 order by the NCLAT.
The dispute between the BCCI and Byju's stems from the sponsorship contract for providing jerseys to the Indian Cricket Team.
During the hearing, Solicitor General Tushar Mehta on behalf of the BCCI opposed the stay order, seeking an opportunity of hearing.
Senior advocate A M Singhvi for Byju's also contested the stay.
Senior advocate Shyam Divan, appearing for the creditor, however, contended the settlement was against the statutory provisions.