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BCCI Vs BYJU’S: Edtech Giant’s Lawyers Assure NCLT Of ‘Good Health’

Inc42 · 1y ago

BCCI Vs BYJU’S: Edtech Giant’s Lawyers Assure NCLT Of ‘Good Health’

Lawyers representing BYJU'S at the National Company Law Tribunal (NCLT) assured that the edtech giant is in good health and performing well, despite negative media coverage. The NCLT is hearing an insolvency plea filed by the Board of Control for Cricket in India (BCCI) claiming INR 158 Cr in outstanding dues from BYJU'S. The tribunal emphasized the need for a prompt resolution and adjourned the hearing to January 17. BYJU'S has been given time to submit its formal response to the plea.

Related News

BYJU’S Vs BCCI: NCLT Likely To Pronounce The Order Next Week

Inc42 · 1y ago

BYJU’S Vs BCCI: NCLT Likely To Pronounce The Order Next Week

The National Company Law Tribunal (NCLT) has scheduled the next hearing in the insolvency case filed by the Board of Control for Cricket in India (BCCI) against edtech startup BYJU'S on March 20. The Tribunal is expected to pronounce its order in the case after hearing arguments from both sides. BYJU'S has requested that the case be taken to arbitration, arguing that the BCCI did not provide any service after the contract between the two parties ended. The dispute centers around non-payment of dues as part of a sponsorship deal.

NCLT Seeks BYJU’S Response On Surfer Technologies’ Insolvency Plea

Inc42 · 1y ago

NCLT Seeks BYJU’S Response On Surfer Technologies’ Insolvency Plea

The National Company Law Tribunal (NCLT) has issued a notice to edtech giant BYJU’S in response to an insolvency plea filed by digital marketing firm Surfer Technologies. The NCLT has given BYJU’S two weeks to file a response to the plea. This comes on the heels of three other insolvency pleas against BYJU’S by the BCCI, overseas lenders, and Teleperformance. BYJU’S has been facing legal and corporate governance issues recently, and its consolidated net loss increased by 81% in FY22.

Byju’s vs BCCI: SC stays NCLAT order that set aside insolvency case against edtech

Economic Times

Economic Times · 1y ago

Byju’s vs BCCI: SC stays NCLAT order that set aside insolvency case against edtech

The Supreme Court has issued a stay on the National Company Law Appellate Tribunal's approval of the settlement between edtech firm Byju's and the Board of Control for Cricket in India (BCCI) over unpaid dues. The BCCI settlement is being contested by Glas Trust, the trustee for Byju's lenders, who allege that the money being paid to the cricketing authority is tainted. The NCLAT had previously quashed the bankruptcy proceedings against Byju's after a settlement was reached, in which one of the founders agreed to personally pay off the company's dues to BCCI.

Another trouble for BYJU’S as BCCI drags Edtech giant to NCLT

Inc42 · 1y ago

Another trouble for BYJU’S as BCCI drags Edtech giant to NCLT

The Board of Control for Cricket in India (BCCI) has taken edtech giant BYJU'S to the National Company Law Tribunal (NCLT) over a dispute regarding the sponsorship rights of the Indian cricket team's jerseys. The case was filed in November, and the amount in question is estimated to be between INR 100 Cr and INR 250 Cr. BYJU'S is currently in discussions with the cricket board to resolve the matter. This comes after BYJU'S ended its jersey sponsorship deal with BCCI in December 2022.

BCCI Vs BYJU’S: Edtech giant seeks to take the dispute to arbitration

Inc42 · 1y ago

BCCI Vs BYJU’S: Edtech giant seeks to take the dispute to arbitration

Edtech giant BYJU'S has moved an application for arbitration to resolve its INR 158 Cr payment dispute with the Board of Control for Cricket in India (BCCI). BYJU'S argues that the Insolvency and Bankruptcy Code proceedings cannot proceed until the matter is decided by an arbitrator. The dispute between the two entities arises from the sponsorship rights of the Indian cricket team's jerseys. BYJU'S claims to be in talks with the BCCI to settle the issue, but the cricketing body denies any ongoing negotiations. The next hearing is scheduled for February 7th.

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Economic Times

Economic Times · 1y ago

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Edtech firm Byju's has moved the Karnataka High Court to challenge the National Company Law Tribunal (NCLT) order on the Board of Control for Cricket in India's (BCCI) insolvency plea. However, the court did not admit the plea, and Byju's plans to approach the National Company Law Appellate Tribunal (NCLAT) on Monday. Byju's has been admitted into insolvency over unpaid dues of ₹158 crore related to sponsorship rights from the BCCI. Founder Byju Raveendran stated that the insolvency process could lead to a total shutdown of services and halt operations.

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Economic Times

Economic Times · 4m ago

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Byju Raveendran, founder of edtech company Byju's, has filed a police complaint against Pankaj Srivastava, former resolution professional of Think & Learn, Glas Trust, and EY employees, alleging a criminal conspiracy against the company. The allegations involve collusion and fraud related to Byju’s insolvency proceedings. The case is under review by NCLT and NCLAT. Byju's, amid insolvency proceedings, faces legal challenges following disputed resolutions and sponsorship deal settlements with BCCI.

BCCI objects to BYJU'S arbitration plea over ₹158 crore dues

Money Control

Money Control · 1y ago

BCCI objects to BYJU'S arbitration plea over ₹158 crore dues

BCCI has informed the National Company Law Tribunal (NCLT) that it would object to BYJU'S plea seeking arbitration in the dispute over sponsorship dues. Last year, BCCI claimed that the edtech startup defaulted on a payment of ₹158 crore. An application to refer the dispute to arbitration is not maintainable in insolvency proceedings, BCCI's counsel told NCLT.

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

IndianStartupNews

IndianStartupNews · 1y ago

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

The National Company Law Tribunal (NCLT) in Bengaluru will soon decide on the insolvency plea filed by the BCCI against BYJU'S, the edtech giant. The dispute revolves around alleged outstanding dues of around Rs 160 crore from BYJU'S jersey sponsorship deal with the Indian cricket team. BYJU'S argued that the claim should go to arbitration and that the dispute is related to the period after the contract ended. The NCLT is expected to deliver its verdict on March 20. BYJU'S is facing financial challenges, including a dispute with investors over a rights issue and delayed salary payments.

Relief For BYJU’S As NCLAT Allows Settlement With BCCI; Sets Aside Insolvency Proceedings

Inc42 · 1y ago

Relief For BYJU’S As NCLAT Allows Settlement With BCCI; Sets Aside Insolvency Proceedings

The appellate tribunal has dissolved the insolvency resolutions process that was admitted by the National Company Law Tribunal (NCLT) in July. The NCLAT has accepted a settlement between Raveendran and the Board of Control for Cricket in India (BCCI), in which Raveendran will pay INR 158 crore owed to the BCCI. The NCLAT has also acknowledged that the funds being paid back to the BCCI by Think and Learn (BYJU'S parent) are coming from director Riju Ravindran's own pocket, as there is no contrary evidence.

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