In a setback for the embattled ed-tech firm Byju’s, the Apex Court on Aug 14 stayed the NCLAT order that allowed settlement between the firm & Board of Control for Cricket in India (BCCI).
The Rs 158 crore that Byju’s has paid to the BCCI will be kept in a separate escrow account till the next date of hearing, said a bench led by Chief Justice of India DY Chandrachud.
CJI CHandrachud said, “Pending further orders there shall be a stay on the order. In the meantime BCCI shall maintain Rs 158 crores realised as settlement in a separate account”.
Solicitor General Tushar Mehta, appearing for the BCCI, opposed the appeal against the NCLAT order, saying, “Stay means our settlement (with Byju’s)goes. We are trying to persuade.”
The matter is scheduled to be heard on Aug 23.
Byju’s US-based lender Glas Trust had objected to the payment settlement between Board of Control for Cricket in India (BCCI) & Byju’s, saying the Rs 158 crore that the latter agreed to pay to the former was “tainted” & stolen from them.
Riju Raveendran, Byju’s brother & shareholder, agreed to clear the dues from his personal funds, which were generated from the sale of Think & Learn’s shares between 2015 & 2022.
“We are left with nothing, these two Raveendrans have voluntarily gone for insolvency in the US. There is nothing on record to show that they have any money. It can’t be that there (US) you are a defaulter & here you come to India & say I’ll pay,” senior advocate Mukul Rohatgi, who appeared for the lenders had said.