Supreme Court declines Byju’s plea to block formation of creditors’ committee

The Supreme Court on Tuesday declined a plea by Byju's to prevent the resolution professional of the bankrupt edtech company from constituting a committee of creditors till the top court decides on the case.

A primary responsibility of the resolution professional was to collate information on the entire dues that Byju’s owed to all its stakeholders and create a committee of creditors. The management of the company would then, in theory, be passed on to the creditors.

The apex court on Tuesday denied the interim relief sought by Byju's, it has agreed to hear the case in detail on 22 August.