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Supreme Court halts creditors meeting in Byju’s insolvency case

Livemint

Livemint · 10m 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.

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NCLAT adjourns Byju’s case hearing to November 6

Economic Times

Economic Times · 10m 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.

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

Economic Times

Economic Times · 10m 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.

SC Rejects BYJU’S Plea To Stay Meeting Of Committee Of Creditors

Inc42 · 11m ago

SC Rejects BYJU’S Plea To Stay Meeting Of Committee Of Creditors

Abhishek Manu Singhvi and Solicitor General of India Tushar Mehta appealed to the Supreme Court to halt the meeting of the Committee of Creditors (CoC). However, Chief Justice D Y Chandrachud stated that if the appeal is rejected, all decisions made by the CoC would be voided. Glas Trust, a group of lenders from BYJU'S in the US, filed a case against the National Company Law Appellate Tribunal's ruling to dismiss insolvency proceedings against BYJU'S following an agreement with the Board of Control for Cricket in India (BCCI).

Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach

Livemint

Livemint · 9m ago

Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach

The Supreme Court has overturned a previous order by the National Company Law Appellate Tribunal (NCLAT) that had halted insolvency proceedings against Byju's, an edtech company in India. The court ruled that Byju's must follow the established protocols under the Insolvency and Bankruptcy Code (IBC) to address its debt owed to the Board of Control for Cricket in India (BCCI). The court also directed Byju's to deposit the settlement amount into an escrow account controlled by the Committee of Creditors (CoC). The Supreme Court criticized the NCLAT for misusing its powers and bypassing proper procedures in permitting the withdrawal of the insolvency application.

Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint

Livemint

Livemint · 11m ago

Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint

The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.

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.

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

Economic Times

Economic Times · 2m 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.

Court official excludes US lenders from Byju’s creditors committee: Report | Mint

Livemint

Livemint · 11m ago

Court official excludes US lenders from Byju’s creditors committee: Report | Mint

US lenders attempting to collect over $1.2 billion from Think & Learn (Byju's) have been removed from the creditors committee overseeing the insolvency case against the Indian education tech company. The lenders accused the interim resolution professional, Pankaj Srivastava, of plotting to reject their claims and manipulating the creditors vote. They argue that Srivastava's actions of stripping them of their claims are unprecedented and illegitimate. The lenders have been trying to force Byju's into an insolvency proceeding in an Indian court for months, with limited success. The case is also being fought in the US, where lenders are trying to locate $533 million allegedly hidden by Byju's founder, Byju Raveendran.

BCCI withdraws petition against Byju’s at NCLT for insolvency, says counsel for resolution professional

Economic Times

Economic Times · 8m ago

BCCI withdraws petition against Byju’s at NCLT for insolvency, says counsel for resolution professional

The BCCI has taken steps to withdraw its insolvency petition against Byju's after a Supreme Court ruling quashed a previous order that allowed a settlement between the two. Byju's lenders, Glas Trust and Aditya Birla Finance, oppose the withdrawal and are seeking the removal of the resolution professional (RP) as well as the reconstitution of the committee of creditors (CoC). The RP's counsel stated that the intent of Glas Trust is to obstruct the proceedings. The judge's requirement for the withdrawal includes a bank guarantee. The Supreme Court had previously ordered the amount deposited by BCCI to be given to the CoC.

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

Inc42 · 11m 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.

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