Glas Trust Company Llc vs Byju Raveendran

insc-2024-811 Supreme Court of India 23 October 2024 • Civil Appeal No. 9986 of 2024 • 65 min read

Judges (3)

Dhananjaya Y Chandrachud Delivered J.B. Pardiwala Coram Manoj Misra Coram

Parties (2)

GLAS Trust Company LLC Appellant Byju Raveendran Respondent

Case Significance

Glas Trust Company Llc vs Byju Raveendran is a Supreme Court of India decision dated October 23, 2024 (citation: insc-2024-811). GLAS Trust Company, a creditor, challenged the NCLAT's order that had permitted settlement and withdrawal of CIRP proceedings against Byju Raveendran's company, Think & Learn. The Supreme Court set aside the NCLAT judgment, holding that settlement/withdrawal must comply with the IBC legal framework including CoC approval under Section 12A. Rs.158 crore in escrow was directed to be deposited with the newly constituted CoC. The bench comprised Justices Dhananjaya Y Chandrachud, J.B. Pardiwala and Manoj Misra. The judgment was delivered by Justice Dhananjaya Y Chandrachud.

Summary

GLAS Trust Company, a creditor, challenged the NCLAT's order that had permitted settlement and withdrawal of CIRP proceedings against Byju Raveendran's company, Think & Learn. The Supreme Court set aside the NCLAT judgment, holding that settlement/withdrawal must comply with the IBC legal framework including CoC approval under Section 12A. Rs.158 crore in escrow was directed to be deposited with the newly constituted CoC.

What was the outcome of Glas Trust Company Llc vs Byju Raveendran?

GLAS Trust Company, a creditor, challenged the NCLAT's order that had permitted settlement and withdrawal of CIRP proceedings against Byju Raveendran's company, Think & Learn. The Supreme Court set as...

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (insc-2024-811)