India, Feb. 19 -- The suspended directors of embattled edtech firm Byju's have approached the National Company Law Appellate Tribunal (NCLAT) to prevent its creditors from deciding on a Rs.158 crore settlement with the Board of Control for Cricket in India (BCCI), Mint reported.

Byju's Committee of Creditors (CoC) includes opposing lenders such as US-based Glas Trust LLC and Aditya Birla Finance.

Glas Trust and other lenders have opposed the settlement, labelling the Rs.158 crore as "tainted money" and asserting that they should be paid first as financial creditors.

Key implications of the NCLAT ruling

If NCLAT determines that the settlement was finalised before the CoC was formed, Byju's could exit insolvency, restoring management co...