Supreme Court Overturns Byju's Settlement with BCCI, Resumes Insolvency Proceedings

The Indian Supreme Court has nullified a previous tribunal ruling, reopening insolvency proceedings against Byju's and directing the settlement amount to a creditors' committee.

• The Supreme Court of India reversed the National Company Law Appellate Tribunal's decision that had halted insolvency proceedings against Byju's.
• The court ruled that the Rs 158.9 crore settlement with the Board of Control for Cricket in India (BCCI) was improperly approved.
• Glas Trust Company LLC, representing US lenders, successfully appealed against the settlement, citing concerns over fund misuse.
• The court directed that the settlement funds be placed in an escrow account under the Committee of Creditors pending further review.
• Byju's, once valued at $22 billion, faces renewed financial scrutiny amid ongoing disputes with international creditors.

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NDTV Hindustan Times