Byju’s vs BCCI: SC stays NCLAT order that set aside insolvency case against edtech

The Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal’s (NCLAT) order, that approved the settlement deal between edtech major Think & Learn Pvt Ltd, the parent of online educational services company BYJU's, and the Board of Control for Cricket in India (BCCI).

A bench headed by Chief Justice D Y Chandrachud, while issuing notice to Think & Learn, its co-founder Byju Raveendran and BCCI, also stayed the NCLAT order that set aside the insolvency proceedings against Byju’s and restored the board of the debt-ridden firm.

The apex court also asked the cricket board to keep Rs 158 crore, realised in the settlement, in a separate escrow account. The court will hear the matter next on August 23.