Supreme Court to pronounce verdict in Byju’s case on October 23

Solicitor General Tushar Mehta, appearing for the BCCI, had submitted that the ₹158 crore was offered by Riju Raveendran, Byju’s brother, from his personal assets. File
| Photo Credit: Reuters

The Supreme Court is scheduled to pronounce on Wednesday (October 23, 2024) its verdict in an appeal filed by U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal (NCLAT) allowing ed-tech firm allowing Byju’s to pay a settlement amount of ₹158 crore to the Board of Control for Cricket in India (BCCI).

A three-judge Bench headed by Chief Justice of India D.Y. Chandrachud had reserved the case for judgment after directing the Insolvency Resolution Professional (IRP) to maintain status quo in the interregnum.

During back-to-back hearing in the case, the apex court had questioned whether the BCCI could be allowed to strike a “personal agreement” with Byju’s promoter and “walk away” with its money.

The U.S. lender had said, as a major financial creditor, it should have got priority in repayments.

Solicitor General Tushar Mehta, appearing for the BCCI, had submitted that the ₹158 crore was offered by Riju Raveendran, Byju’s brother, from his personal assets. The money was not tainted.

The NCLAT, on August 2, granted relief to the embattled ed-tech firm by setting aside the insolvency proceedings after approving a ₹158.9 crore dues settlement with the BCCI. Byju’s had entered into a Team Sponsor Agreement with the BCCI in 2019.