A bench headed by Chief Justice DY Chandrachud agreed to hear the case in detail on Thursday, including the bankrupt edtech firm’s plea to stop the formation of the CoC.
Asking the top court to direct IRP Pankaj Srivastava not to constitute the panel before Friday, senior advocate AM Singhvi, appearing for the edtech firm, told the Supreme Court that it would be infructuous if the CoC was constituted within 48 hours.
Attorney General Tushar Mehta, appearing before the Board of Control for Cricket in India (Bank of Canada International Trade Commission (BCCI)), said the committee cannot be formed without the Supreme Court hearing the matter.
On August 14, the Supreme Court effectively revived the insolvency case against Byju’s, staying the National Company Law Appellate Tribunal’s order that had quashed bankruptcy proceedings against the company and approved a Rs 158.9 crore settlement agreement between Think & Learn and BCCI, its operational creditor.
Issuing notice to Think & Learn, its co-founder Byju Raveendran and the cricket board on US-based lender GLAS Trust Co LLC’s petition against the deal, the top court also asked the cricket board to keep Rs 158 crore, raised in the deal, in a separate escrow account.
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GLAS Trust, the trustee for the lenders owed $1.2 billion, had objected to the deal struck between the edtech firm and BCCI, alleging that the money paid by Byju Raveendran’s brother Riju Ravindran was tainted.
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