Supreme Court halts changes to BYJU'S creditors panel
The Supreme Court has put a temporary freeze on changes to BYJU'S Committee of Creditors (CoC) after a messy legal fight about who gets a say in the company's decisions.
This comes after lower tribunals said the CoC could argue its case, but didn't need to be part of the process to remove GLAS Trust—the group that holds almost all voting power—from the CoC at Think and Learn (BYJU'S parent company).
What's the significance?
This is a big deal because BYJU'S is still going through insolvency proceedings, and who sits on its CoC decides who calls the shots about its future.
With GLAS Trust holding 99.41% of votes, any shakeup could change everything for investors, employees, and anyone following India's startup scene.
For now, things stay as they are—at least until the Supreme Court makes its next move.