Congress leader Jairam Ramesh
Credit: PTI Photo
New Delhi: The Congress on Thursday accused Byju's of "preferential treatment" to the BCCI in settling its dues, citing a Supreme Court's observation questioning the ed-tech firm's decision to clear only the cricket body's payment.
The Supreme Court on Thursday reserved its verdict on a US firm's plea against a National Company Law Appellate Tribunal (NCLAT) order stopping insolvency proceedings against Byju's.
A bench headed by Chief Justice D Y Chandrachud asked the insolvency resolution professional to maintain status quo till the apex court delivered its judgment in the matter.
While hearing the matter on Wednesday, the top court questioned insolvency appellate tribunal NCLAT's order to set aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI).
In a post on X, Congress general secretary in-charge communications Jairam Ramesh said, "The Supreme Court has rightly asked a question of the beleaguered edutech company Byju's. When it has a debt of Rs 15,000 crore, why did it give BCCI over-riding priority and settle the Rs 158 crore debt it owed to the cricket body?" "The Supreme Court also called out the National Company Law Appellate Tribunal for 'non-application of mind' while approving Byju's settlement. Is there any mystery at all on this preferential treatment of BCCI by Byju's? Biological links and connections with non-biological beings certainly matter," he said on X.
On Wednesday, the top court bench, also comprising Justice JB Pardiwala and Justice Manoj Misra, commenced hearing on the plea of Glas Trust Company LLC -- the US-based creditor -- against the NCLAT verdict.
"The company is in debt of Rs 15,000 crore. When the quantum of the debt is so large, can one creditor (BCCI) walk away saying one promoter is ready to pay me?" the CJI asked.
"Why pick up BCCI and settle with them only from your personal assets?" the bench said. "The NCLAT accepts this all without applying its mind to it." The NCLAT on August 2 granted relief to the embattled ed-tech firm by setting aside the insolvency proceedings against it after approving its Rs 158.9 crore dues settlement with the BCCI.
The verdict had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control.
However, the relief was short-lived as the top court on August 14 termed the NCLAT verdict "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of Glas Trust Company LLC against the judgment of the insolvency appellate tribunal.