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Byju's close to settling payments dispute with Indian cricket board
VCCircle
·
11m ago
Medial
Education technology company, Byju's, is reportedly close to reaching a settlement in a $19 million payments dispute with the Indian cricket board. This could potentially release the company from an insolvency process that has frozen its assets. Byju's, once valued at $22 billion, has faced various challenges in recent years, including corporate governance concerns and a decline in its valuation. The settlement with the Board of Control for Cricket in India is said to involve Byju's making three instalment payments, the first being $6 million. The terms of the settlement are still being negotiated.
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Related News
Byju's pays delayed November salaries to 1,000 employees
Money Control
·
1y ago
Medial
Byju's has finally paid the pending salaries for November to 1,000 of its employees. The edtech firm had faced technical glitches and had delayed payments, causing concern among its workforce. The company has been facing multiple challenges recently, including a delay in settling payments to laid-off employees and a legal dispute with the Board of Control for Cricket in India (BCCI). Byju's is currently reviewing its assets and has decided to sell off platforms like Great Learning and Epic to raise funds for loan repayment.
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Another trouble for BYJU’S as BCCI drags Edtech giant to NCLT
Inc42
·
1y ago
Medial
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.
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BCCI Vs BYJU’S: Edtech giant seeks to take the dispute to arbitration
Inc42
·
1y ago
Medial
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.
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Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20
IndianStartupNews
·
1y ago
Medial
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.
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Byju’s says it’s in talks with BCCI to settle pending insolvency issue
Livemint
·
1y ago
Medial
Ed-tech firm Byju's is currently in discussions with the Board of Control for Cricket in India (BCCI) to resolve an insolvency matter filed against the company. The BCCI had filed an application against Think & Learn Pvt Ltd, the operator of Byju's, for defaulting on dues related to sponsorship rights of the Indian cricket team's jerseys. Byju's, which has been a partner of the Indian cricket team since 2019, is seeking to settle the matter with the BCCI as it faces challenges to raise funds and make payments to former employees.
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Byju’s Insolvency Case: Founders Blame Ex-IRP for Delaying BCCI Application Submission
OutlookIndia
·
3m ago
Medial
Byju's founders accused former interim resolution professional Pankaj Srivastava of deliberately delaying the submission of a settlement application with the Board of Control for Cricket in India (BCCI) during the company's insolvency proceedings. The company's director, Riju Raveendran, filed an appeal against a previous tribunal decision, blaming the delay for hindering Byju's ability to exit insolvency. The dispute stems from Byju's financial struggles affecting their BCCI sponsorship payments, leading to legal battles and complex creditor negotiations.
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Facing insolvency, Byju's hit with new challenge from lenders
Economic Times
·
11m ago
Medial
US-based Glas Trust is urging an Indian court to continue insolvency proceedings against ed-tech giant Byju's, as lenders it represents are owed $1 billion. Byju's, once valued at $22 billion, has faced numerous challenges including boardroom exits, an auditor resignation, and a dispute with foreign investors. The company is now facing insolvency after not paying the cricket board $19 million in sponsorship dues. Byju's former CEO claims the matter is settled, but Glas Trust alleges that the company used lenders' money to pay the cricket board. A court ruling in favor of Glas Trust could lead to further troubles for Byju's, including frozen assets and a potential shutdown.
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Why Byju’s pushed for arbitration in BCCI dispute
Economic Times
·
1y ago
Medial
Edtech firm Byju's has referred its dispute with the Board of Control for Cricket in India (BCCI) to an arbitrator in an attempt to resolve the matter. Byju's is facing financial difficulties in fulfilling its obligations as a sponsor of the BCCI, with the cricket governing body initiating insolvency proceedings against the company for defaulting on sponsorship dues worth Rs 150 crore. By opting for arbitration, Byju's aims to address the dispute through a confidential and timely process, potentially reducing the impact on its operations and reputation. The hearing has been deferred to February 7th.
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NCLT lists Byju's vs BCCI case for March 20, order likely next week
Livemint
·
1y ago
Medial
The National Company Law Tribunal (NCLT) in Bengaluru has scheduled a hearing for the Byju's vs BCCI (Board of Control for Cricket in India) case on March 20. The court is also expected to give its ruling on the BCCI's insolvency petition against Byju's next week. The case relates to a dispute over sponsorship rights for the Indian cricket team's jerseys. Byju's, an ed-tech firm, has been a partner of the BCCI since 2019. Additionally, the Karnataka High Court is set to hear arguments on March 13 regarding an investor revolt against Byju's CEO and founder.
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Vedanta to appeal against Sebi order to pay ₹77.62 crore to Cairn
Livemint
·
1y ago
Medial
Vedanta Ltd announced its plan to appeal against the Securities and Exchange Board of India's (Sebi) order to pay a penalty of INR 77.6 crore to Cairn UK Holdings Ltd for delayed dividend payments. The order also barred Vedanta's entire board from accessing the capital market. Vedanta claims that Cairn had waived its right to claim interest when settling a retrospective tax demand with the Indian government. Vedanta cited no intent to withhold dividend payments and argued that all dues were cleared after Cairn settled its tax dispute.
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