Glas Trust Company, a consortium of the startup's aggrieved US-based lenders, filed the plea challenging the NCLAT order in the Supreme Court
The NCLAT, earlier this month, quashed the insolvency proceedings against BYJU’S after it said it reached an agreement with the BCCI to pay off its dues of INR 158 Cr
The US-based lenders opposed the agreement during the NCLAT hearing, saying that Riju Raveendran will use the $533 Mn allegedly syphoned from them to pay the BCCI
Days after the National Company Law Appellate Tribunal (NCLAT) quashed the bankruptcy proceedings of embattled BYJU’S, the edtech giant’s US-based lenders have moved the Supreme Court against the order.
Glas Trust Company, a consortium of the startup’s aggrieved US-based lenders, filed the plea challenging the NCLAT order in the Supreme Court, Reuters reported. The matter will be heard on August 12.