Byjus BCCI Contract Deal: Big blow to Byjus from the Supreme Court, the court overturned the NCLAT order, know why the agreement will not happen…

Byjus BCCI Contract Deal: The Supreme Court has overturned the decision of the National Company Law Appellate Tribunal (NCLAT), which had approved an agreement worth Rs 158 crore between ed-tech firm Byju's and the Board of Control for Cricket in India (BCCI).

On Wednesday (October 23, 2024), the court has also ordered to deposit the amount of Rs 158.9 crore to be paid for the settlement with the Board of Creditors. The case was being heard by a bench headed by Chief Justice DY Chandrachud.

Byjus BCCI Contract Deal: Supreme Court had stayed the agreement after opposition from creditors.

Earlier on August 14, in a blow to Byju, the Supreme Court had stayed the NCLAT decision allowing the settlement and ordered to keep the settlement amount in a separate account.

US-based Glass Trust, representing some lenders of Byju Group company, had filed an appeal in the Supreme Court on August 7. In this appeal, the decision of the Tribunal was challenged, in which Byju and BCCI were allowed to settle the payment case.

• US-based lenders had raised questions on the agreement…
• The lenders had asked NCLAT not to accept the agreement.
• His lawyer Mukul Rohatgi had called it a 'tainted agreement'.
• Rohatgi had said that the payment is being made with 'stolen money'.
• Byju and Riju conspired and stole 500 million dollars.
• The lenders had said that this is our money, which these people have withdrawn.