India’s top court struck down a bankruptcy tribunal’s order that allowed Byju’s to settle debts with a key creditor, pushing the online tutor back firmly into the insolvency process.
The Supreme Court Wednesday ruled that the National Company Law Appellate Tribunal didn’t follow due legal procedure when it allowed a debt settlement between Byju’s and India’s cricket regulator. A lower level bankruptcy court will now take up the case again, which in effect means other lenders can pursue claims against Byju’s and seek redress through a creditor-nominated resolution professional or overseer.
The top court’s order is a defeat for founder ...
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