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Byju’s US-based lender Glas Trust will challenge the NCLAT order allowing a settlement between Byju’s and BCCI in the Supreme Court.
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The lenders object to the settlement, claiming the Rs 158 crore payment to BCCI is “tainted” and stolen from them.
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Byju’s founder Byju Raveendran has filed a plea in the Supreme Court to be heard before the lenders’ challenge.
Byju’s lender Glas Trust is set to challenge the NCLAT order allowing a settlement between Byju’s and BCCI in the Supreme Court. The lenders object to the settlement, claiming the Rs 158 crore payment to BCCI is “tainted” and stolen from them. Byju’s founder Byju Raveendran has filed a plea in the Supreme Court to be heard before the lenders’ challenge.
The NCLAT order had suspended the insolvency resolution process against Byju’s, allowing the company’s control to return to Byju Raveendran. However, the lenders allege that Byju and his brother Riju conspired to steal $500 million and are trying to stall the insolvency resolution process. The Supreme Court is likely to hear the case soon.
