BCCI-Byju’s Case: The National Company Law Appellate Tribunal (NCLAT) will hear tomorrow i.e. on July 31 (Wednesday) on whether bankruptcy proceedings will be initiated against edtech startup Byju’s.
The matter is related to the sponsorship contract between Byju’s and BCCI for the Indian cricket team’s jersey. BCCI had filed a petition against Byju’s parent company Think and Learn Private Limited last year to recover the outstanding amount of Rs 158 crore.
The petition of BCCI 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 (July 30). Solicitor General Tushar Mehta, told NCLAT that it is in talks with the founder of the company to settle its dispute with Think and Learn Private Limited. He said that the matter may be heard tomorrow. Senior advocate Mukul Rohatgi appeared on behalf of the lenders of the company.
Byju’s did not give ₹ 158.9 crore of the contract to BCCI
In January last year, Byju’s allowed BCCI to encash a bank guarantee of Rs 143 crore. Currently, the outstanding amount on Byju’s is Rs 158.9 crore. The case filed by BCCI on 8 September 2023 came up for hearing on November 28.
NCLT said – Byju’s default is evident from e-mail trail
The Bangalore Bench of NCLT, while accepting the petition, said that it is clear from the e-mail 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.
First default was on 21 August 2022
According to the information given in the order, Think and Learn defaulted on a total of 12 invoices sent by BCCI after several international tours and series of the Indian cricket team.They said that Byju’s first defaulted on 21 August 2022.
