NCLAT Dismisses Appeal Raised By Byju's Investors Against Alleged Violation Of NCLT Directives

The National Company Law Appellate Tribunal (NCLAT), Chennai bench, dismissed appeals by four investors against Byju's for allegedly breaching directives. NCLAT noted the Adjudicating Authority's request for investors to file an affidavit substantiating claims of a violation of the interim order dated 27.02.2024. \r

However, investors had not filed the affidavit, and a pending Contempt Petition further complicated matters. NCLAT observed that no final decision had been made against the investors, and intervening prematurely was not warranted. It upheld the Adjudicating Authority's directive for the affidavit submission and declined to allow the investors to challenge the Order until matters before the NCLT concluded.