On September 6, the Supreme Court granted permission to an early hearing to the US-based creditor Glas Trust Company LLC to challenge the NCLAT ruling that was preventing insolvency proceedings against ed-tech firm, BYJU’s. These facts were accompanied by NCLAT’s sanctions of Rs 158. 9 crore dues with the BCCI. The bench headed by Chief Justice D Y Chandrachud in response to the prayer of senior advocate NK Kaul appearing for BYJU’s sought an early hearing of the case.
Kaul added that the petition that was filed by the US firm lacked merit and that there was no sponsorship from outside. The senior advocate Kapil Sibal appearing for Glas Trust also urged to have an early hearing.
It is raised when the IRP of the company Pankaj Srivastava excluded Glas Trust from the Committee of Creditors that has raised objection by Glas Trust. The NCLT had allowed the formation of the CoC after a Supreme Court ruling with respect to it on August 21.
Earlier, the Supreme Court had opposed the NCLAT’s order to suspend insolvency proceedings against BYJU’s and termed the verdict as ‘unconscionable’. It asked the BCCI to ear mark Rs 158 crore in a separate escrow account. This arose from a failure by the parent company of BYJU’s that is Think & Learn Pvt Ltd to pay some dues to the BCCI.
