New Delhi: A US court has rejected GLAS Trust Company’s application for an interim restraining order seeking to block the Board of Control for Cricket in India (BCCI)’s deal, edtech firm BYJU’S said in a statement on Thursday.

Earlier this month, bankruptcy appellate tribunal NCLAT had approved a receivable settlement of Rs 158.9 crore with BCCI and quashed the bankruptcy case filed against BYJU’S.

Think and Learn, which owns the BYJU’S brand, said it welcomed the Delaware Bankruptcy Court’s decision to reject attempts by GLAS, which claimed to represent a consortium of foreign lenders, to thwart the company’s ongoing transformation efforts.

GLAS had also opposed the settlement with BCCI before NCLAT, alleging that the money paid by Riju Raveendran was tainted and a “round-trip”.

BYJU’S said the Delaware Court’s decision strengthens the validity of the agreement between BCCI and Think & Learn, which was approved by the National Company Law Appellate Tribunal (NCLAT).

“The Delaware Bankruptcy Court’s decision effectively puts an end to GLAS’s forum shopping efforts. GLAS had unsuccessfully tried to quash the deal between BCCI and one of BYJU’S’ promoters at the NCLAT in India, which led them to approach the Delaware court for relief for the same.

“The Delaware court in its recent decision upheld the principle of comity and blocked GLAS’s attempt to usurp the jurisdiction of Indian courts,” BYJU’S legal counsel Rishab Gupta said.

An email query sent to GLAS did not immediately elicit a response.