Supreme Court Stops Byju’s and BCCI Settlement Over Rs 158 Crore Dispute
The Supreme Court of India has halted the National Company Law Appellate Tribunal’s (NCLAT) order that approved a settlement between Byju’s and the Board of Control for Cricket in India (BCCI) over unpaid dues of Rs 158 crore.
Key Details
A bench led by Chief Justice DY Chandrachud has stayed the NCLAT’s decision. The court has asked BCCI to keep the settlement amount in a separate account until the next hearing, which is scheduled for August 23.
The court also issued a notice to Byju’s regarding the petition filed by Glas Trust Company LLC. Earlier, NCLAT had allowed the settlement between Byju Raveendran and the BCCI.
Doubts Revealed
Supreme Court -: The Supreme Court is the highest court in India. It makes important decisions about laws and justice.
Byju’s -: Byju’s is a popular educational technology company in India. They make learning apps for students.
BCCI -: BCCI stands for the Board of Control for Cricket in India. It is the organization that manages cricket in India.
Rs 158 Crore -: Rs 158 Crore is a large amount of money. One crore is equal to ten million, so 158 crore is 1,580 million rupees.
National Company Law Appellate Tribunal (NCLAT) -: NCLAT is a special court in India that deals with company-related issues and disputes.
Chief Justice DY Chandrachud -: Chief Justice DY Chandrachud is the head judge of the Supreme Court of India.
settlement -: A settlement is an agreement between two parties to resolve a dispute or issue.
Glas Trust Company LLC -: Glas Trust Company LLC is a company that might be involved in financial or legal matters related to the dispute.