In a major turnaround, the Supreme Court has overturned the National Company Law Appellate Tribunal's verdict that had put a hold on insolvency proceedings against ed-tech company Byju's. The apex court also reversed the NCLAT's order approving Byju's settlement of Rs 158.9 crore with the Board of Control for Cricket in India (BCCI). The decision came after US firm Glas Trust Company LLC appealed against the NCLAT's order, with the apex court stating that the tribunal didn't apply its mind while closing the insolvency proceedings against Byju's. The verdict marks a major setback for Byju's, which had received a brief reprieve after the NCLAT's ruling in its favor.
The National Company Law Tribunal (NCLT) has ordered insolvency proceedings against Coffee Day Enterprises, the parent company of popular Indian chain Cafe Coffee Day. This news comes amidst the success of Wayanad Robusta Coffee at a recent global meeting and Hangal Coffee's compliance with EU deforestation rules. However, IBC resolution time at the NCLT has risen to 716 days, and some in the industry, such as Byju Raveendran and Kapil Wadhawan, have faced insolvency challenges. In a recent case, Byju's was victorious in their NCLAT appeal, while Adani Goodhomes won their bid for Radius Estate.
Byju Raveendran, the founder of edtech company Byju's, has filed a plea against the initiation of insolvency proceedings against Think & Learn. However, the matter has been adjourned as one of the members of the National Company Law Appellate Tribunal (NCLAT) bench recused themselves from the hearing. The matter will now be heard by a different bench headed by NCLAT Chairman Justice Ashok Bhushan.