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The Supreme Court has stayed the NCLAT’s order allowing Byju’s to settle its unpaid dues of ₹158 crore with BCCI.
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The court has asked BCCI to maintain the amount in a separate escrow account until the next hearing on August 23.
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The trustee for lenders of Byju’s has filed an appeal against the NCLAT order, alleging that the funds used for settlement are tainted.
The Supreme Court has put a hold on the settlement between Byju’s and the Board of Control for Cricket in India (BCCI) over unpaid dues of ₹158 crore. This means that the BCCI cannot use the money until the court makes a final decision. The court is concerned about the source of the funds used for the settlement and wants to ensure that they are legitimate.
The National Company Law Appellate Tribunal (NCLAT) had earlier approved the settlement, which allowed Byju’s to avoid bankruptcy proceedings. However, the trustee for lenders of Byju’s has appealed against this decision, claiming that the funds used for the settlement are tainted. The case will be heard again on August 23.
