BCCI: There is a relief news for Byju, who is in trouble. Byju is facing bankruptcy proceedings for outstanding payments to the Board of Control for Cricket in India (BCCI). In this case, the talks between Byju Raveendran and BCCI regarding settlement are moving in the right direction. If BCCI agrees, then Byju will get relief for some time.
NCLT Had Started The Bankruptcy Process
Byju had sponsored Team India’s jersey for some time. However, after getting stuck in a financial crisis, the company could not pay, and the matter went to court. In this case, the National Company Law Tribunal (NCLT) had started the bankruptcy process. Byju has petitioned against this in the National Company Law Appellate Tribunal (NCLAT). On Tuesday, BCCI lawyer Tushar Mehta said that talks are happening between the two parties regarding the 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 case.
BCCI has demanded 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 this case. He said he is associated with BCCI and does not want to hear the case. BCCI has demanded Rs 158 crore from ed-tech company Byju. On its petition, NCLT took over the company’s management from Byju Ravindran on July 16, starting the bankruptcy process against Think and Learn. 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’s is currently having a dispute with its investors. Due to this, it is also stuck in a cash crunch.
