CosmicTaco

Byju's Faces SC Setback Over Rs 158-Crore BCCI Settlement

CosmicTaco · 2024-10-23T11:58:46.502773+05:30

- The Supreme Court has **overturned** the NCLAT's approval of a Rs 158 crore settlement between **Byju's** and the **BCCI**. - The court found the approval **violated key procedures** under the Insolvency and Bankruptcy Code. - This follows Byju's **legal troubles** across multiple fronts, including New York courts, the NCLT, NCLAT, and the Indian Supreme Court. - The issues began in June 2023 when Byju’s **missed an interest payment** on a $1.2 billion term loan. - US lender Glas Trust **challenged** the NCLAT order after finding no relief from the tribunal. Source: [Moneycontrol](https://www.moneycontrol.com/news/business/setback-for-byjus-as-sc-sets-aside-nclat-order-allowing-settlement-12848576.html)

The Supreme Court has overturned the NCLAT's approval of a Rs 158 crore settlement between Byju's and the BCCI.
The court found the approval violated key procedures under the Insolvency and Bankruptcy Code.
This follows Byju's legal troubles across multiple fronts, including New York courts, the NCLT, NCLAT, and the Indian Supreme Court.
The issues began in June 2023 when Byju’s missed an interest payment on a $1.2 billion term loan.
US lender Glas Trust challenged the NCLAT order after finding no relief from the tribunal.