SC refuses to pass order to stop CoC from holding meeting in insolvency proceedings against Byju's
Supreme Court on Thursday refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against embattled ed-tech firm Byju's. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra, however, said it will accord the final hearing in the matter on August 27.
The bench said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor Glas Trust Company LLC against the judgment of the insolvency body — National Company Law Appellate Tribunal (NCLAT).
At the outset, senior advocate Abhishek Singhvi, appearing for Byju's, and Solicitor General Tushar Mehta, representing the Board of Control for Cricket in India (BCCI), said the CoC has been constituted in the meantime and 98 per cent stakes are with the US firm.
Singhvi said the CoC has been set up at 7 pm on August 21 and this is quite unfair and will make the case irreversible.
«This COC could have been constituted tomorrow with the court's permission. This whole thing is done to make my argument irreversible,» Singhvi said.
The solicitor general said the equity be balanced by deferring the meeting of the CoC and moreover, it would amount to allowing the appeal without hearing BCCI and Byju's.
The bench, which did not pass any order, listed the plea for hearing on August 27.
The plea was mentioned earlier on August 20 by Byju's and the BCCI and the top court
