New Delhi, Sep 25 (Reporter) The Supreme Court on Wednesday objected to the halting of insolvency proceedings against ed-tech firm Byju by the National Company Law Appellate Tribunal (NCLAT), Chennai and said it will send it back for reconsideration. A Bench comprising Chief Justice of India D Y Chandrachud, Justice JB Pardiwala and Justice Manoj Misra was hearing an appeal filed by US-based financial creditor Glass Trust challenging the NCLAT's decision which had halted insolvency proceedings against Think & Learn, the parent company of Byju's. The Bench expressed its concern and asked whether creditors of Byju's, other than the Board of Control for Cricket in India (BCCI) would be left in the lurch if the insolvency process was to be halted. The Bench said it has doubts about whether the NCLAT applied its mind while deciding to close insolvency proceedings against the firm. The court said it would send the matter back to the NCLAT to take a fresh look into it. The CJI said that the NCLAT’s reasons to close the insolvency proceeding have been given in one small paragraph by the NCLAT. "This shows no application of mind at all…Let the Tribunal again apply its mind and see it afresh," CJI said. CJI said, "Today you (Byju's) have ₹15,000 crores due. Why did you pick up only BCCI and settle it? What about others?" CJI asked. "BCCI has a small amount due of ₹158 crores. What about others? They all have to go through the entire circle again," CJI noted. Solicitor General Tushar Mehta representing the BCCI urged the top court not to overturn the NCLAT's verdict. The court, however, refused to hear the SG’s plea and said the BCCI is not the only stakeholder affected by the closing of insolvency proceedings. The insolvency resolution proceedings against Byju's were initiated in June by the National Company Law Tribunal (NCLT) in Bengaluru on a plea by the BCCI. The BCCI claimed that Byju's owed it ₹158 crore as part of cricket jersey sponsorship deals. However, BCCI later submitted that it had reached a settlement with Byju's, whereby Riju Raveeendran, the brother of Byju's founder Byju Raveendran, would clear these dues out of his funds. Recording this settlement, the NCLAT at Chennai had closed the insolvency proceedings against Byju's. This was opposed by Glass Trust, which had raised concerns that stolen money that was due to financial creditors may be used by Byju's to repay the BCCI. On August 14, the top court had stayed the NCLAT decision and revived the insolvency process against Byju's. On August 22, it declined to defer or order any stay on the operations of a Committee of Creditors (CoC) formed to oversee the corporate insolvency resolution process (CIRP). The hearing will continue on Thursday...////...