In a major win for BYJU’S aggrieved US based lenders, the Supreme Court revived the insolvency proceedings against the embattled startup 👇

An SC bench, led by Chief Justice DY Chandrachud and comprising of justices JB Pardiwala and Manoj Mishra, quashed the National Company Law Appellate Tribunal (NCLAT) order that approved the settlement of the INR 158.9 Cr unpaid dues BYJU’S owed to the Board of Control for Cricket in India (BCCI) thus dissolving the insolvency proceedings.

The order came as a result of Glas Trust Company, a consortium of the startup’s aggrieved US-based lenders, moving the SC to retrieve the dues owed to them by BYJU’S. The SC agreed to hear the lenders’ appeal today during the court proceedings.

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Credit - Inc42 Media