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Informative

Byju's Insolvency: Supreme Court orders IRP to maintain status quo, halts CoC meeting

Update / Judgement Date

26 Sept 2024

Source

Bar and Bench

Author

Team — WCP Legal Desk

Reading Time

1 min read

Corporate ComplianceInsolvency & Bankruptcy Code

The Supreme Court ordered the Interim Resolution Professional (IRP) to maintain the status quo and halted the Committee of Creditors (CoC) meeting in the insolvency proceedings against Byju’s. The court’s decision came in response to Byju’s plea challenging the insolvency proceedings initiated by its lenders. The court emphasized the need to protect the interests of all stakeholders and ensure a fair resolution process.