# In the matter of Glas Trust Company LLC vs. Byju Raveendran & Ors.

> SC judgment dated 2024-08-14. Citation: TCN-2024-SC-00039. This is a Civil Appeal filed in the Supreme Court of India against a final judgment and order dated…

- **Court:** SC
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-SC-00039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/glas-trust-company-llc-vs-byju-raveendran-ors-803f6c6c

## Summary

### Background

This is a Civil Appeal filed in the Supreme Court of India against a final judgment and order dated 02-08-2024 passed by the National Company Law Appellate Tribunal (NCLAT), Chennai in Company Appeal (AT) (CH) (Ins) No. 262/2024. The appeal concerns a matter related to the National Company Law Appellate Tribunal, Chennai.

## Facts

The case originates from a final judgment and order dated 02-08-2024 passed by the National Company Law Appellate Tribunal (NCLAT), Chennai in Company Appeal (AT) (CH) (Ins) No. 262/2024. Glas Trust Company LLC filed a Civil Appeal against Byju Raveendran & Ors. The Supreme Court has granted a stay on the NCLAT order. The Board of Control for Cricket in India (BCCI) is involved because they are directed to maintain Rs 158 crores in an escrow account, which has been realized in pursuance of the settlement. The case is listed for final disposal on 23 August 2024.

## Issues and analysis

### Issue 1: Whether the Supreme Court should grant a stay on the operation of the impugned judgment and order …

**Ratio:** The court has the power to grant a stay on the operation of a lower court's order pending

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**Reasoning:** The court, after hearing the counsel, deemed it appropriate to grant a stay on the NCLAT

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**Interpretation:** This indicates the court found sufficient grounds to believe that the NCLAT

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**Application:** The stay order prevents the NCLAT's judgment from being enforced until the

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## Parties

- **Judges:** THE CHIEF J…; J.B. PARD…; +1 more
- **Appellants:** GLAS Trust…
- **Respondents:** BYJU RAVE…

## Timeline

- **2024-02-08 — NCLAT Or…**: Final judgment and order passed by the National Company Law Appellate Tribunal, Chennai…
- **2024-08-14 — Appeal He…**: The Civil Appeal was called on for…

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