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SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo

Economic Times

Economic Times · 9m ago

SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo

The Supreme Court has temporarily halted all meetings related to the insolvency proceedings of edtech firm Byju's. The court directed the interim resolution professional to maintain status quo and not hold any meetings of the creditors' committee. The SC reserved its verdict on an appeal by US lender GLAS Trust against the approval of a settlement deal between Byju's and its operational creditor, the Board of Control for Cricket in India (BCCI). The court questioned Byju's decision to settle its debt with BCCI while leaving substantial dues owed to other creditors.

Related News

NCLAT adjourns Byju’s case hearing to November 6

Economic Times

Economic Times · 9m ago

NCLAT adjourns Byju’s case hearing to November 6

- Case involving Byju's and US lenders adjourned to November 6 by NCLAT. - US lenders demand repayment of $1.2 billion loan from Byju's. - Supreme Court temporarily halts all meetings regarding Byju's insolvency proceedings. - Glas Trust moves apex court challenging its removal from Byju's committee of creditors. - Supreme Court instructs interim resolution professional to maintain status quo and not hold lenders' meeting. - Separate matter between Byju's investors and parent company adjourned to November 18 by NCLT.

Supreme Court halts creditors meeting in Byju’s insolvency case

Livemint

Livemint · 9m ago

Supreme Court halts creditors meeting in Byju’s insolvency case

The Supreme Court has instructed Byju's resolution professional not to conduct meetings of the committee of creditors until the court issues its final judgement. This decision will delay the bankruptcy resolution proceedings for the edtech firm. Glas Trust Inc., a creditor, filed an application against the resolution professional for removing the US lender from the committee of creditors. Glas Trust is also seeking the removal of the insolvency expert. Byju's owes more than ₹15,000 crores to its financial and operational creditors. Senior counsel Kapil Sibal argued that there was "gross misconduct" by the resolution professional in removing the US creditor from the committee.

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

Economic Times

Economic Times · 9m ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

The Supreme Court reserved its verdict on a US firm's plea against the National Company Law Appellate Tribunal (NCLAT) order that halted insolvency proceedings against Byju's. The court asked the insolvency resolution professional to maintain status quo until the judgment is delivered. The NCLAT had earlier set aside the insolvency proceedings against Byju's and approved its dues settlement with the BCCI. The Supreme Court questioned the NCLAT's decision and hinted at sending the dispute for fresh adjudication. The court stayed the NCLAT verdict and issued notices to Byju's and others.

BYJU’S Insolvency: NCLT Postpones Decision On Glas Trust’s Plea Against CoC Meetings

Inc42 · 10m ago

BYJU’S Insolvency: NCLT Postpones Decision On Glas Trust’s Plea Against CoC Meetings

The NCLT has denied a stay on the committee of creditors (CoC) meetings, citing a previous Supreme Court ruling. The consortium of US-based lenders, Glas Trust, has been asked to submit a fresh plea challenging its removal from the CoC. This development follows allegations by the US lenders against BYJU'S insolvency resolution professional of fraud and secretly attempting to reject their $1.35 billion claim against the struggling edtech company.

SC issues notice to Byju's resolution professional, Glas Trust, Riju Ravindran

Economic Times

Economic Times · 1m ago

SC issues notice to Byju's resolution professional, Glas Trust, Riju Ravindran

The Supreme Court issued notices to involved parties regarding Byju's insolvency case after BCCI and Riju Ravindran sought withdrawal of proceedings due to a Rs 158 crore settlement before the creditors' committee was constituted. The court has not restrained the resolution professional from asset disposal, with interim relief to be considered in the next hearing on July 21. Ravindran’s counsel also requested maintaining a status quo on the Corporate Insolvency Resolution Process.

BYJU’S Insolvency: EY Quits As Advisor To IRP Pankaj Srivastava

Inc42 · 10m ago

BYJU’S Insolvency: EY Quits As Advisor To IRP Pankaj Srivastava

EY Restructuring has resigned as the advisor to the IRP (Interim Resolution Professional) during the first meeting of the CoC (Committee of Creditors). This development comes as multiple creditors of BYJU'S have taken IRP Pankaj Srivastava to court. A consortium of US-based lenders of BYJU'S, known as Glas Trust, has recently filed a petition with the Supreme Court challenging Srivastava's decision to remove it from the CoC.

BYJU'S US lenders move SC over removal from creditors' committee

Inshorts · 10m ago

BYJU'S US lenders move SC over removal from creditors' committee

Glas Trust Company, a trustee for BYJU'S US lenders, has moved the Supreme Court over its removal from the committee of creditors (CoC) by the interim resolution professional (IRP). "[Glas Trust's] stake is 99.41% and this has been reduced to zero by the IRP," the company's advocate Kapil Sibal said. Glas Trust seeks a stay on CoC's proceedings.

BYJU’S Glas Trust Case: SC Asks IRP To Maintain Status Quo Until Judgement

Inc42 · 9m ago

BYJU’S Glas Trust Case: SC Asks IRP To Maintain Status Quo Until Judgement

The Supreme Court has ordered the Insolvency Resolution Professional (IRP) to maintain the current situation until the court issues its verdict. The court has also expressed concerns about potential loopholes in existing laws that could allow settlements to bypass established procedures. This decision follows the previous day's questioning of the National Company Law Appellate Tribunal's (NCLAT) decision to dismiss bankruptcy proceedings against the troubled edtech startup.

NCLT questions Byju’s RP over CoC reconstitution and governance issues amid insolvency

Economic Times

Economic Times · 7m ago

NCLT questions Byju’s RP over CoC reconstitution and governance issues amid insolvency

The National Company Law Tribunal (NCLT) questioned Byju's insolvency resolution professional (RP) regarding the reconstitution of its committee of creditors (CoC) and the board meeting of subsidiary Aakash Institute. The RP was asked about the removal of Glas Trust and Aditya Birla from the CoC, with objections raised by the bench. The RP argued that the CoC was formed on a provisional basis and that verification had not been done. Further queries were raised about the RP's authority to reconstitute the CoC based on pending matters. The NCLT also sought clarification on representation of Think & Learn at the Aakash Institute board meeting, where Byju Raveendran attended via video call. The bench expressed concern about the RP's functioning and the delay in obtaining meeting minutes. The NCLT had previously refrained Aakash Institute from amending its articles of association.

SC refuses to pass interim order to stop setting up of CoC in insolvency proceedings against Byju's

Economic Times

Economic Times · 11m ago

SC refuses to pass interim order to stop setting up of CoC in insolvency proceedings against Byju's

The Supreme Court has refused to prevent the Interm resolution professional (IRP) of Think & Learn Pvt Ltd from forming a committee of creditors (CoC). The apex court will hear the case on Thursday, including Think & Learn's request to halt the formation of the CoC. The court previously suspended the order that had ended bankruptcy proceedings against Think & Learn and approved a settlement deal between the company and BCCI. US lender GLAS Trust has opposed the settlement, claiming the money paid by Byju Raveendran's brother was tainted.

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