Supreme Court sets aside NCLAT judgment that closed insolvency process against Byju's

The Supreme Court set aside an NCLAT judgment that halted insolvency proceedings against Byju’s, reinstating the process. The court found that the NCLAT had improperly approved a settlement between Byju’s and the Board of Control for Cricket in India (BCCI) without following due process. The Supreme Court directed that the settlement amount be deposited into the escrow account of the Committee of Creditors. This decision underscores the importance of adhering to procedural norms in insolvency cases and the role of the judiciary in ensuring fair and transparent resolution processes. The ruling reinstates the Corporate Insolvency Resolution Process (CIRP) against Byju’s, emphasizing the need for proper legal procedures4.