News Update
Tezzbuzz|31-07-2024
Edtech company Byju’s and the Board of Control for Cricket in India (BCCI) have reached a settlement over their Rs 158 crore sponsorship dues issue, according to reports on Wednesday (July 31).
A lawyer representing Byju’s founder Byju Raveendran told the National Company Law Appellate Tribunal (NCLAT) that the dues will be paid to BCCI in three installments.
The payment to BCCI will be made by founder Byju Raveendran’s brother Riju Raveendran, the lawyer said, according to a report in Reuters.
Last year, the BCCI filed a petition claiming dues of Rs 158 crore as an operational creditor under section 9 of the Insolvency & Bankruptcy Code 2016.
Admitting BCCI’s plea, a two-member Bengaluru-based bench of the National Company Law Tribunal (NCLT) issued notice to Think & Learn on November 28, 2023.
The company had sponsored the Indian cricket team.
Last year, the BCCI filed a petition claiming dues of Rs 158 crore as an operational creditor under section 9 of the Insolvency & Bankruptcy Code 2016.
Admitting BCCI’s plea, a two-member Bengaluru-based bench of the National Company Law Tribunal (NCLT) issued notice to Think & Learn on November 28, 2023.
The company had sponsored the Indian cricket team.
