On August 14, the Supreme Court put a hold on the National Company Law Appellate Tribunal (NCLAT) order that had allowed Byju’s to settle its financial dispute with the Board of Control for Cricket in India (BCCI).
Key Details
- Escrow Account: The Rs 158 crore that Byju’s paid to the BCCI will be kept in a separate escrow account as per the Supreme Court’s directive.
On August 7, US-based Glas Trust, representing some lenders of a Byju’s group company, filed an appeal with the Supreme Court. The appeal challenges the tribunal’s verdict that permitted Byju’s and the BCCI to settle a payment dispute. The education technology company has faced multiple challenges in recent years, including boardroom departures, an auditor’s resignation, and a public dispute with foreign investors over claims of mismanagement. Byju’s, now valued at under $3 billion, has denied any wrongdoing.
