Supreme Court Reserves Judgment in Dispute Between GLAS Trust Company LLC and Byju Raveendran, Orders Status Quo on Interim Resolution Professional’s Actions Until the Judgment is Pronounced

Court’s Decision:
The Supreme Court has reserved its judgment in the case involving GLAS Trust Company LLC and Byju Raveendran, along with other respondents. The court concluded the arguments from both sides and ordered that the Interim Resolution Professional (IRP) maintain the status quo and refrain from convening any meetings of the Committee of Creditors (CoC) until the judgment is pronounced.

Court’s Reasoning:
The court, after hearing detailed arguments from both sides, found it appropriate to reserve judgment. In the interim, the court emphasized the importance of maintaining the status quo, particularly concerning the actions of the Interim Resolution Professional. The court reasoned that any meetings of the Committee of Creditors could have significant implications, and thus, such actions should be paused until the judgment is pronounced.

Conclusion:
The judgment in the case has been reserved, and the court has directed the Interim Resolution Professional to maintain the status quo, refraining from convening any meetings of the Committee of Creditors until the final judgment is delivered.