New Delhi4 minutes ago
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The National Company Law Appellate Tribunal (NCLAT) will hear tomorrow i.e. July 31 (Wednesday) on whether bankruptcy proceedings will be initiated against edtech startup Byju’s.
The 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 outstanding amount of Rs 158 crore.
BCCI’s petition was accepted by the National Company Law Tribunal (NCLT) on 16 July 2024. Against which the company’s founder Byju Ravindran had approached the National Company Law Appellate Tribunal (NCLAT).
BCCI said- it is in talks with the founder of the company
In this case, lawyers of both the parties appeared in NCLAT today (30 July). Solicitor General Tushar Mehta, on behalf of BCCI, told NCLAT that they are in talks with the founder of Think and Learn Private Limited to settle their dispute. He said that the case may be heard tomorrow. Senior advocate Mukul Rohatgi appeared on behalf of the lenders of the company.
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.
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.
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Bankruptcy proceedings to begin against Byju’s: NCLT accepts BCCI’s plea, the company did not pay ₹158 crores for Team India’s sponsorship
The National Company Law Tribunal (NCLT) has accepted BCCI’s plea to initiate insolvency proceedings against edtech company Byju’s. The case is related to the sponsorship contract between Byju’s and BCCI for the Indian cricket team’s jersey.
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Byju’s will be shut down if bankruptcy proceedings proceed: CEO Byju Ravindran said this in court filing, said- the business will come to a complete standstill
If bankruptcy proceedings begin against edtech company Byju’s, thousands of employees of the company will be forced to leave their jobs. Along with this, the company’s services will also be completely shut down. According to a Reuters report, Byju’s founder and CEO Byju Ravindran has said these things in the court filing.
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