SC Rejects BYJU’S Plea To Stay Meeting Of Committee Of Creditors

SC Rejects BYJU’S Plea To Stay Meeting Of Committee Of Creditors

SUMMARY

Abhishek Manu Singhvi and Solicitor General of India Tushar Mehta, who appeared for BYJU’S and the BCCI, respectively, sought a stay on the meeting of the CoC

However, CJI D Y Chandrachud said that if the appeal is dismissed eventually, then all the decisions taken by the CoC would be invalidated

Glas Trust, a consortium of BYJU’S US-based lenders, moved the SC against the NCLAT’s order to set aside insolvency proceedings against BYJU’S after it reached an agreement with the BCCI

In another blow to troubled edtech startup BYJU’S, the Supreme Court (SC) on Thursday refused to stay the meeting of the committee of creditors (CoC) formed by the resolution professional for insolvency proceedings of the Byju Raveendran-led firm.

According to a report by Live Law, Abhishek Manu Singhvi and Solicitor General of India Tushar Mehta, who appeared for BYJU’S and the Board of Control for Cricket in India (BCCI), respectively, sought a stay on the meeting of the CoC.

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