Byju's insolvency case: SC reserves verdict on plea challenging NCLAT order

The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's.

A bench headed by Chief Justice D Y Chandrachud asked the insolvency resolution professional (IRP) to maintain status quo till the apex court delivers its judgement in the matter.

The bench, also comprising Justices JB Pardiwala and Manoj Misra, considered the plea of US firm Glas Trust Company LLC and asked the IRP not to proceed with the committee of creditor's meeting to deal with the Byju's case.

While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues settlement with the BCCI.

Observing that the National Company Law Appellate Tribunal (NCLAT) did not apply its mind while closing the insolvency proceedings against the ed-tech major, the bench had hinted that it may sen