Education technology company Byju’s is in talks with the Board of Control for Cricket in India (BCCI) to settle the Rs 158.90 crore it owes to the latter, the Indian cricket board’s lawyer told the National Company Law Appellate Tribunal (NCLAT) on Tuesday.
The BCCI has sought a one-day adjournment from the NCLAT in the case related to the financial dispute with Byju’s parent company Think and Learn. It said talks were underway with the edtech company’s founder Byju Raveendran, hinting at the possibility of a settlement. The NCLAT bench will hear the matter on July 31.
Solicitor General Tushar Mehta, appearing for the BCCI, informed the court that some discussions were going on and the BCCI wanted time to see if “anything fruitful” would come out of the discussion, the legal platform said in a report. Bar and bench.
Arun Kathpalia, a lawyer representing the edtech firm, told NCLAT that Byju’s has “almost resolved” the matter with the BCCI and will pay “a certain portion of the money” by this evening, the news agency reported. Bloomberg.
Meanwhile, senior advocate Mukul Rohatgi, who appeared to represent a US-based lender to Byju’s, accepted the adjournment but added that the Appellate Court should take into account that if the BCCI and Raveendran come to an agreement, his client’s case should not be prejudiced, according to Bar & Bench.
On July 16, the National Company Law Tribunal (NCLT) admitted Byju’s, officially known as Think and Learn Pvt Ltd, to the Corporate Insolvency Resolution Process (CIRP) based on a petition filed by the BCCI over unpaid dues amounting to Rs 158.90 crore.
Due to the NCLT order, Raveendran lost immediate control of the company. The court appointed a bankruptcy professional to oversee day-to-day operations during the process.
On July 23, Raveendran filed an application before NCLAT seeking an urgent hearing on the matter.
First published: July 30, 2024 | 17:56 IS
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