The Supreme Court said on Wednesday that it will hear the appeal of US-based creditor Glas Trust Company LLC against an NCLAT decision that stopped bankruptcy proceedings against ed-tech startup BYJU and authorized its Rs 158.9 crore dues settlement with the BCCI.
A battery of attorneys asked a bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra to hear the appeal as soon as possible, given the case's following developments.
Senior counsel NK Kaul, who was representing the ed-tech major, pleaded for the matter to be heard as soon possible. The submission was supported by Solicitor General Tushar Mehta, who represented the BCCI, and senior lawyer Abhishek Singhvi, who represented the ed-tech business.
Kaul stated that another plea in the case has also been made and is scheduled for hearing on September 17, thus the current plea should either be heard on that day or the hearings in both instances be moved to this Friday.
The CJI stated that we would hear both petitions on September 17.
Senior attorney Shayam Divan, representing the US-based creditor, requested that the proceedings be heard jointly on September 17. The NCLAT granted the Rs 158.9 crore dues settlement with the BCCI and put aside Byju's insolvency proceedings.
Byju's had signed a "Team Sponsor Agreement" with the BCCI in 2019. The pact granted the ed-tech business the rights to put its brand on the Indian cricket team's equipment, among other incentives. Byju's needed to pay a sponsorship fee. The corporation paid its obligations until the middle of 2022, then missed further payments totaling Rs 158.9 crore.
After insolvency procedures were launched, Byju's reached an agreement with the BCCI.
On July 16, the Bengaluru bench of the National Company Law Tribunal (NCLT) accepted Byju's parent company, 'Think and Learn', to the insolvency resolution procedure in response to a BCCI petition alleging a default in payment of over Rs 158.9 crore in outstanding dues.
