The Supreme Court of India has accepted the appeal by BYJU’S promoters against the NCLAT’s refusal to withdraw insolvency proceedings linked to a Rs. 158 crore settlement with BCCI. Notices have been issued to relevant parties, with the next hearing scheduled for July 21, where interim relief may be considered.
New Delhi: 26th May: The Bhushan Power and Steel Limited (BPSL) case, the Supreme Court of India has temporarily stayed the liquidation proceedings currently pending before the National Company Law Tribunal (NCLT). This stay comes to allow JSW Steel to file a review petition challenging the Court’s earlier judgment delivered on May 2.
Bombay: The Bombay High Court asked the Reserve Bank of India (RBI) whether it plans to take action against banks that repeatedly classify a person’s loan account as fraudulent without first giving them a chance to explain their side. The court’s direction came while hearing a petition filed by industrialist Anil Ambani, whose loan account with Canara Bank was declared fraudulent without any hearing.
![[Byju's Insolvency Case] Resolution Professional (RP) Are Creating 'Chaos': Creditor To NCLT](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-44.png?resize=447%2C367&ssl=1)
![[Byju's Insolvency Case] “They Have Classified Us as Operational Creditors; We Are Financial Creditors”: Aditya Birla Finance, Glas Trust Seek to Replace Resolution Professional](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/11/image-11.png?resize=300%2C168&ssl=1)
Today, On 4th November, Aditya Birla Finance and Glas Trust petitioned the NCLT to replace the resolution professional managing Byju’s insolvency, claiming only one entity is classified as a financial creditor, resulting in a single-member Committee of Creditors. The NCLT will hear the case next week, following a stay on CoC meetings.
![[BREAKING] Supreme Court Nullifies Rs 158 Crore Byju's-BCCI Settlement To Conclude CIRP Proceedings](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/09/image-430.png?resize=447%2C367&ssl=1)
The Supreme Court of India Today (Oct 23) nullified the Rs 158 crore settlement between Byju’s (Think and Learn Pvt Ltd) and the Board of Control for Cricket in India (BCCI). The decision overturned a previous ruling by the National Company Law Appellate Tribunal (NCLAT), which had closed the insolvency proceedings against the ed-tech giant Byju’s, following a settlement with BCCI. The court criticized the NCLAT for prematurely concluding the Corporate Insolvency Resolution Process (CIRP) by invoking its inherent powers under Rule 11 of the NCLAT Rules 2016.
The Supreme Court of India today (27th Sept) ruled that a free certified copy of an NCLT order suffices for filing an appeal to the NCLAT, overturning a prior NCLAT decision. The Court clarified there’s no distinction between free and paid certified copies, emphasizing that a three-day delay in appeal was within acceptable limits.
The Supreme Court Today (Sept 26) reserved its judgment on U.S.-based Glas Trust Company LLC’s appeal against the NCLAT’s stay on insolvency proceedings for BYJU’s, which also approved a Rs 158.9 crore settlement with BCCI. The SC has halted today’s 4 PM creditors’ committee meeting and any further meetings until its decision.
The Supreme Court Today (Sept 25) expressed doubts over whether the National Company Law Appellate Tribunal (NCLAT) had applied its mind while deciding to close insolvency proceedings against ed-tech firm Byju’s. The Court indicated that it is inclined to send the matter back to the NCLAT to take a fresh decision.