The Supreme Court on Friday agreed to list for early hearing an appeal filed by U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal (NCLAT) allowing ed-tech firm allowing Byju’s to pay a settlement amount of ₹158 crore to the Board of Control for Cricket in India (BCCI).
Chief Justice of India D.Y. Chandrachud assured senior advocate Neeraj Kishan Kaul, appearing for Byju’s, that the case would get listed as early as possible.
Mr. Kaul said the petition by Glas was mala fide and the funding in the company was limited to promoters with no external borrowing.
On August 22, the top court had not heeded repeated requests by Byju’s and the BCCI to defer the Committee of Creditors from meeting.
The court had, on August 14, stayed the operation of the NCLAT decision.
According to BCCI, the NCLAT decision, allowing the settlement, was based on the reasoning that the cricketing body would not accept any tainted money. It had submitted that ₹158 crore was offered by Riju Raveendran, Byju’s brother. The money was generated in India, for which income tax was paid, and received through banking channels.
However, Glas had argued that the “drill of the law” was not followed in the settlement between Byju’s and the BCCI. The U.S. lender had said, as a major financial creditor, it should have got priority in repayments.
Published - September 06, 2024 12:49 pm IST
