NEW DELHI: Supreme Court docket in just about an ex parte order on Wednesday stayed Nationwide Firm Regulation Appellate Tribunal’s Aug 3 order approving cost of 158.9 crore by Riju Raveendran on behalf of Byju’s to the Board of Management for Cricket in India (BCCI) and setting apart the BCCI-initiated insolvency proceedings in opposition to the edtech main.
Brushing apart repeated pleas by solicitor common Tushar Mehta for a chance to argue on behalf of BCCI earlier than the SC stayed the NCLAT order, a bench of CJI D Y Chandrachud and Justices J B Pardiwala and Manoj Misra requested BCCI to deposit the cash it obtained (158.9 crore) in a separate escrow account.
For Byju Raveendra, who filed a caveat to stall US-based creditor Glas Belief Firm LLC from getting an ex-parte order from the SC, senior advocate A M Singhvi too made repeated unsuccessful makes an attempt to place throughout arguments in opposition to keep of the NCLAT order with out listening to the other facet.
When SG argued that this was the primary time, he needed to say in CJI’s courtroom {that a} keep order is being handed with out listening to the other facet, the bench stated, “the (NCLAT) order is unconscionable.”
Showing for the US-based creditor, senior advocate Shyam Divan questioned how the cash may very well be paid to BCCI by the 2 brothers, who’ve gone in a foreign country and there are look out notices pending in opposition to them. “There are at the very least 3,000 claims in opposition to Byju and NCLAT went improper in agreeing for funds to BCCI,” he stated.
BCCI had approached NCLT below the Insolvency and Chapter Code (IBC) over a default of 158.9 crore by Suppose & Study. On July 16, the NCLT Bengaluru bench had directed initiation of company insolvency proceedings in opposition to Byju’s. which was as soon as valued at $22 billion however post-covid its internet price nosedived to $ one billion.
Divan stated the Byju brothers have been in contempt of US district courtroom at Delaware on non-payment to US collectors.
Brushing apart repeated pleas by solicitor common Tushar Mehta for a chance to argue on behalf of BCCI earlier than the SC stayed the NCLAT order, a bench of CJI D Y Chandrachud and Justices J B Pardiwala and Manoj Misra requested BCCI to deposit the cash it obtained (158.9 crore) in a separate escrow account.
For Byju Raveendra, who filed a caveat to stall US-based creditor Glas Belief Firm LLC from getting an ex-parte order from the SC, senior advocate A M Singhvi too made repeated unsuccessful makes an attempt to place throughout arguments in opposition to keep of the NCLAT order with out listening to the other facet.
When SG argued that this was the primary time, he needed to say in CJI’s courtroom {that a} keep order is being handed with out listening to the other facet, the bench stated, “the (NCLAT) order is unconscionable.”
Showing for the US-based creditor, senior advocate Shyam Divan questioned how the cash may very well be paid to BCCI by the 2 brothers, who’ve gone in a foreign country and there are look out notices pending in opposition to them. “There are at the very least 3,000 claims in opposition to Byju and NCLAT went improper in agreeing for funds to BCCI,” he stated.
BCCI had approached NCLT below the Insolvency and Chapter Code (IBC) over a default of 158.9 crore by Suppose & Study. On July 16, the NCLT Bengaluru bench had directed initiation of company insolvency proceedings in opposition to Byju’s. which was as soon as valued at $22 billion however post-covid its internet price nosedived to $ one billion.
Divan stated the Byju brothers have been in contempt of US district courtroom at Delaware on non-payment to US collectors.
