BCCI: There is a relief news for Byju’s which is in trouble. Byju’s is facing bankruptcy proceedings in the case of outstanding payment to the Board of Control for Cricket in India (BCCI). In this case, the talks regarding settlement between Byju Raveendran and BCCI are moving in the right direction. If BCCI agrees, then Byju will get relief for some time.
NCLT had started the bankruptcy process
Byju’s had sponsored Team India’s jersey for some time. However, after getting into financial troubles, the company could not make the payment and the matter went to court. In this case, the National Company Law Tribunal (NCLT) had started the bankruptcy process. Byju’s has filed a petition against this in the National Company Law Appellate Tribunal (NCLAT). BCCI lawyer Tushar Mehta said on Tuesday that talks are progressing between the two parties regarding settlement. Therefore, the bankruptcy process should be postponed. BCCI had filed a case against Byju’s parent company Think and Learn Private Limited in this matter.
BCCI has asked for Rs 158 crore
Tushar Mehta said that the case will be heard in NCLAT on Wednesday. Earlier, Justice Sharad Kumar Sharma had recused himself from hearing the case. He had said that he is associated with BCCI, so he does not want to hear the case. BCCI has demanded Rs 158 crore from edtech company Byju. On its petition, NCLT had initiated bankruptcy proceedings against Think and Learn on July 16 and took over the management of the company from Byju Ravindran. The Karnataka High Court had deferred Byju Ravindran’s petition.
Cash crisis going on due to dispute with investors
Byju Ravindran’s lawyer Abhishek Manu Singhvi had opposed the formation of the Committee of Creditors. He says that until the case is heard, forming this committee would be like handing over the company to them. Byju is currently in a dispute with its investors. Due to this, it is also facing a cash crunch.
