Supreme Court has this ‘huge setback’ for Byju’s

The Supreme Court has overturned a prior NCLAT decision that halted insolvency proceedings against Byju’s, criticising NCLAT for overstepping its authority. The court ruled that the insolvency resolution professional, not the corporate debtor, should handle withdrawal applications. Byju’s had defaulted on a Rs 158 crore sponsorship deal with the BCCI.