बायजूस-BCCI समझौते पर सुप्रीम कोर्ट की रोक: NCLAT ने सेटलमेंट को मंजूरी दी थी, टीम इंडिया की जर्सी स्पॉन्सरशिप से जुड़ा है केस

In a setback to edtech company Byju’s, the Supreme Court on August 14 stayed the NCLAT order that allowed the settlement between the firm and BCCI. A bench headed by CJI DY Chandrachud said that the Rs 158 crore paid by Byju’s to BCCI will be kept in a separate escrow account.

The next hearing in this case is scheduled for August 23. US-based Glass Trust, representing some lenders of the Byju’s Group company, filed an appeal before the Supreme Court on August 7. In this appeal, the tribunal’s decision was challenged, in which Byju’s and BCCI were allowed to settle the payment matter.

NCLAT had approved the Byju’s-BCCI agreement
On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the agreement between Byju’s parent company Think and Learn and the Board of Control for Cricket in India (BCCI).

The agreement between the two parties was reached on July 31. The edtech startup agreed to pay BCCI the outstanding sponsorship contract amount of Rs 158 crore. Byju’s had to pay this amount on August 2 and August 9.

The control of the company is again with Byju Ravindran
NCLAT suspended the July 16 order of the National Company Law Tribunal (NCLT), which ordered the initiation of bankruptcy proceedings against the company. However, after the decision, the control of the company will now return to Byju Ravindran.

After the order of NCLT on July 16, control was taken away from Byju Ravindran and the company’s board. According to the Insolvency and Bankruptcy Code (IBC) 2016, when bankruptcy proceedings are initiated against a company, the control of the company is taken away from its board.

Petition of American lenders rejected
The agreement between BCCI and Byju’s was opposed by the American lenders who had given loans to Think and Learn. However, NCLT found that this agreement between the two parties was made in front of the Committee of Creditors (CoC) i.e. those who have invested money in the company. Also, the source of the amount to be given under the agreement is also appropriate.

US based lenders had raised questions on the agreement…

Byju Ravindran’s brother said he will pay from personal funds
On Wednesday (July 31), the company’s founders’ lawyer Arun Kathpalia had told NCLAT that Byju Raveendran’s brother Riju had made a payment of Rs 50 crore to BCCI on July 30 itself.

Out of this, Rs 25 crore will be paid on August 2 and the remaining Rs 83 crore by August 9. Riju Ravindran said that the settlement amount is his personal fund, which was raised by selling the company’s shares between 2015 and 2022.

NCLAT said- action will be taken on violation of the agreement
Accepting the settlement, NCLAT said, “On the basis of the undertaking and affidavit given by both the parties, the settlement is approved and the order (insolvency proceedings) is cancelled. However, in case of violation of the terms of the settlement, insolvency proceedings will be initiated.”

The sponsorship contract was signed in 2019
Byju’s parent company Think and Learn Private Limited and BCCI had a sponsorship contract for Team India’s jersey in 2019.

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