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Some overseas lenders to edtech startup Byju's have appealed to the Supreme Court (SC) opposing a verdict that had quashed insolvency proceedings against the embattled firm.
US-based Glas Trust, representing some lenders of a Byju’s group company, on August 7 filed an appeal before the apex court, challenging the National Company Law Appellate Tribunal (NCLAT)’s verdict that allowed Byju’s and Board of Control for Cricket in India (BCCI), the cricket control board of the country, to settle a $19 million payment case.
Glas, earlier this month, opposed the settlement at the Indian appeals tribunal, but was rejected.
Before the tribunal, Glas said founder Byju Raveendran and his brother used the money owed to lenders to clear the cricket board’s dues.
Raveendran’s brother, who cleared the dues, said the payments were done from “personal funds” and liquidation of personal assets.
The SC will take up Glas’ plea on August 11. Byju's did not immediately respond to a Reuters’ request for comment.
The education technology company has suffered several setbacks in the past few years, including boardroom exits, an auditor resignation, and a public spat with foreign investors over alleged mismanagement.
(Reporting by Arpan Chaturvedi in New Delhi, writing by Hritam Mukherjee in Bengaluru; Editing by Eileen Soreng)
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