दिवालिया कार्रवाई को चुनौती देगी बायजूस: BCCI के साथ सुलह करने की कोशिश भी कर रही कंपनी, स्पॉन्सरशिप के ₹158 करोड़ हैं बकाया

Edtech company Byju’s will challenge the bankruptcy proceedings against it. Two company officials said on Wednesday that an appeal will be filed against the decision of the National Company Law Tribunal (NCLT) this week.

On Tuesday, July 16, NCLT accepted BCCI’s petition to initiate bankruptcy proceedings against Byju’s. This case is related to the sponsorship contract between Byju’s and BCCI for the Indian cricket team’s jersey.

BCCI had filed a petition last year against Byju’s parent company Think and Learn Private Limited to recover the dues of Rs 158 crore. The next hearing of the case is to be held on November 15. However, after this Byju’s said that it is trying to settle with BCCI. The next hearing of the case is to be held on November 15.

Byju’s did not pay BCCI Rs 158.9 crore for the contract
In January last year, Byju’s allowed BCCI to encash a bank guarantee of Rs 143 crore. Currently, the amount owed by Byju’s is Rs 158.9 crore. The case filed by BCCI on 8 September 2023 came up for hearing on 28 November.

Byju’s had signed a three-year jersey sponsorship deal with BCCI in 2019.

NCLT said- Byju’s default is evident from email trail
The Bengaluru bench of NCLT, while accepting the petition, said that it is clear from the email trail between BCCI and Byju’s that Think and Learn has defaulted. The bench has appointed Pankaj Srivastava as interim resolution professional. He will have to form a committee of creditors within 30 days from the date of appointment.

It defaulted for the first time on 21 August 2022
According to the information given in the order, Think and Learn defaulted on a total of 12 invoices sent by the BCCI after several international tours and series of the Indian cricket team. BCCI said that Byju’s first defaulted on August 21, 2022.

Creditors will get control of the company from the current management
According to the Insolvency and Bankruptcy Code (IBC), the control of the company will now be transferred from the current management to the creditors (whose money is due). At the same time, no assets of Byju’s can be transferred while the company is in the Corporate Insolvency Resolution Process (CIRP).

Investment firm Prosus lost Rs 4,115 crore investment
Recently, investment firm Prosus had written off its investment in Byju’s. That is, the investor had accepted that his investment of about Rs 4,115 crore in Byju’s was lost. He had a 9.6% stake in the edtech company. The investor had given this information in his annual report.