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Why Byju’s pushed for arbitration in BCCI dispute

Economic Times

Economic Times · 1y ago

Why Byju’s pushed for arbitration in BCCI dispute

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.

Related News

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.

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: 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.

Byju’s Insolvency Case: Founders Blame Ex-IRP for Delaying BCCI Application Submission

OutlookIndia

OutlookIndia · 9m ago

Byju’s Insolvency Case: Founders Blame Ex-IRP for Delaying BCCI Application Submission

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.

Byju’s seeks arbitration over NCLT trial in dispute with investors

Livemint

Livemint · 1y ago

Byju’s seeks arbitration over NCLT trial in dispute with investors

Edtech company Byju's has approached the National Company Law Tribunal (NCLT) in India, seeking arbitration to resolve its dispute with key investors, including General Atlantic and Prosus. Byju's argues that arbitration proceedings should take precedence over the ongoing NCLT proceedings. The investors have alleged that Byju's violated an earlier NCLT order by issuing shares without increasing its authorized share capital. Byju's denies these allegations and has been given 10 days to respond. The case is set to be heard on 23 April.

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

Inc42 · 2y 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.

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.

BYJU’S Pays First Tranche Of INR 50 Cr To BCCI

Inc42 · 1y ago

BYJU’S Pays First Tranche Of INR 50 Cr To BCCI

BYJU'S, an edtech company, has made a payment to the cricket board to resolve a dispute over unpaid fees. The payment was made on the evening of July 30. The company had been facing a corporate insolvency resolution process initiated by the BCCI due to unpaid dues amounting to INR 158.9 Cr. BYJU'S lawyer had previously informed the NCLAT that the dispute was "almost resolved".

NCLAT Likely To Rule On BYJU’S-BCCI Roe On Aug 2

Inc42 · 1y ago

NCLAT Likely To Rule On BYJU’S-BCCI Roe On Aug 2

Yesterday, the NCLAT put off its decision on approving the INR 158 Cr settlement between BYJU'S and the BCCI. Meanwhile, a US Bankruptcy Court has ordered Riju Ravindran, brother of Raveendran (BYJU'S founder), to pay $10,000 a day until he assists in locating $533 Mn that his company allegedly hid from US lenders. The dispute is centered around BYJU'S $1.2 Bn Term B Loan from US-based lenders.

After US-Based Lenders’ Claims, NCLAT Postpones BYJU’S-BCCI Settlement

Inc42 · 1y ago

After US-Based Lenders’ Claims, NCLAT Postpones BYJU’S-BCCI Settlement

US lenders have raised concerns about the settlement amount offered in the Byju's insolvency case, calling it "tainted money." They have requested the tribunal not to accept the settlement unless the source of the funds is verified and no court orders were violated. Byju Raveendran, the founder, has been asked by NCLAT to ensure the legitimacy of the money. Byju's had reportedly transferred INR 50 Cr to BCCI as the first tranche of payment to resolve the ongoing dispute.

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