Delhi: More setback for Baijus who announced bankruptcy petition. The Supreme Court struck down the settlement agreement with the BCCI.
The Supreme Court struck down the settlement agreement with the BCCI. The verdict is in a petition filed by those who had loaned money to Baijus, questioning the settlement agreement between Baijus and BCCI. A three-judge bench of the Supreme Court set aside the order of the National Company Lawlate Tribunal which accepted the Byjus-BCCI settlement.
The US-based Glass Trust Company approached the Supreme Court questioning the payment of Rs 158 crore by Bijus and BCCI. A bench comprising Chief Justice D.Y Chandrachud, Justice J.B Pardiwala and Justice Manoj Mishra heard the plea of Glass Trust. During the hearing, the court expressed doubts about the proceedings of the Company Law Tribunal and the validity of the order.
The court asked the reason why Baijus only paid BCCI's debt when he owed Rs 15,000 crore to other creditors. The court asked how the Company Law Tribunal approved such a transaction. The court also contemplated remanding the matter to the tribunal. The tribunal accepted the Byjus-BCCI settlement on August 14.
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