New Delhi: In a major blow to edtech giant Byju’s, the Supreme Court on October 23 has set aside the National Company Law Appellate Tribunal (NCLAT)’s order that had approved a Rs 158 crore settlement between Byju’s (Think and Learn Pvt Ltd) and the Board of Control for Cricket in India (BCCI).The decision overturned a previous ruling by the NCLAT, which had closed the insolvency proceedings against the Byju’s after it settled with BCCI.A bench led by Chief Justice D.Y. Chandrachud ruled that the settlement amount must be deposited into an escrow account managed by the Committee of Creditors (CoC). This decision comes after the court identified procedural irregularities in the NCLAT’s handling ofthe case, emphasizing the need for adherence to due process.The Supreme Court’s ruling underscores the importance of maintaining creditor rights and ensuring transparent resolution processes in insolvency cases. The CoC will now oversee the escrow account, ensuringthat the funds are appropriately managed and distributed.