NCLAT adjourns Byju’s case hearing to Oct 1
NCLAT) has adjourned the case involving Glas Trust Co, which represents a group of US lenders to troubled edtech firm Byju’s, and its parent company, Think & Learn, to October 1.
The matter was adjourned on Thursday as the Supreme Court is also hearing an appeal by Glas Trust, opposing a Rs 158-crore settlement arrived at between the edtech firm and the BCCI, alleging that the money paid by Byju Raveendran’s brother Riju Ravindran was tainted. The matter is likely to be heard on September 17.
On August 14, the Supreme Court revived the insolvency case against Byju's, overturning a NCLAT decision that had quashed the bankruptcy proceedings and approved the settlement agreement with the BCCI.
Earlier, Glas Trust had moved the National Company Law Tribunal (NCLT) on September 4 against the insolvency resolution professional (IRP) for Byju’s.
The matter involved Glas Trust's removal from the committee of creditors (CoC) by IRP Pankaj Srivastava. However, the NCLT refused to stay the CoC proceedings as the Supreme Court had allowed its constitution on August 21.
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