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ETtech Explainer: What's next for Byju's after SC stays settlement deal with BCCI

Economic Times

Economic Times · 10m ago

ETtech Explainer: What's next for Byju's after SC stays settlement deal with BCCI

Byju Raveendran, founder of Byju's, has been dealing with various legal disputes and financial instability. One such dispute involves a payment of Rs 158 crore owed by Byju's to the Board of Control for Cricket in India (BCCI), which had been approved by the National Company Law Appellate Tribunal (NCLAT). However, the Supreme Court intervened by staying the NCLAT order, adding to Byju's challenges. Byju's is also facing a legal dispute with its US lenders and an investigation by India's Enforcement Directorate over alleged violations of the Foreign Exchange Management Act. Additionally, there is an ongoing row between Byju's and its investors regarding a rights issue.

Related News

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

Economic Times

Economic Times · 11m 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.

Byju files caveat in SC expecting challenge to NCLAT order

Inshorts · 11m ago

Byju files caveat in SC expecting challenge to NCLAT order

BYJU'S CEO Byju Raveendran filed a plea in Supreme Court requesting to be heard before the court decides on a likely plea by US lenders opposing NCLAT's order ending insolvency proceedings against BYJU'S. US lenders had objected to the BYJU'S-BCCI settlement, alleging Byju of using money stolen from them. Byju's brother Riju paid for settlement with BCCI using personal assets.

SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo

Economic Times

Economic Times · 9m ago

SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo

The Supreme Court has temporarily halted all meetings related to the insolvency proceedings of edtech firm Byju's. The court directed the interim resolution professional to maintain status quo and not hold any meetings of the creditors' committee. The SC reserved its verdict on an appeal by US lender GLAS Trust against the approval of a settlement deal between Byju's and its operational creditor, the Board of Control for Cricket in India (BCCI). The court questioned Byju's decision to settle its debt with BCCI while leaving substantial dues owed to other creditors.

You've ₹15,000cr due, why only settle BCCI's ₹158cr: SC to BYJU'S

Inshorts · 9m ago

You've ₹15,000cr due, why only settle BCCI's ₹158cr: SC to BYJU'S

Supreme Court on Wednesday questioned BYJU'S ₹158-crore settlement with BCCI, saying, "You (BYJU'S) have ₹15,000 crore due. Why did you pick up only BCCI? What about others?" It also said NCLAT's decision to close insolvency proceedings against BYJU'S "doesn't show any application of mind". The court was hearing a petition filed by US-based lenders of BYJU'S against the NCLAT's ruling.

SC issues notice to Byju's resolution professional, Glas Trust, Riju Ravindran

Economic Times

Economic Times · 1m ago

SC issues notice to Byju's resolution professional, Glas Trust, Riju Ravindran

The Supreme Court issued notices to involved parties regarding Byju's insolvency case after BCCI and Riju Ravindran sought withdrawal of proceedings due to a Rs 158 crore settlement before the creditors' committee was constituted. The court has not restrained the resolution professional from asset disposal, with interim relief to be considered in the next hearing on July 21. Ravindran’s counsel also requested maintaining a status quo on the Corporate Insolvency Resolution Process.

Supreme Court sets aside NCLAT ruling on Byju's settlement with BCCI

Economic Times

Economic Times · 8m ago

Supreme Court sets aside NCLAT ruling on Byju's settlement with BCCI

The Supreme Court has overturned the NCLAT's approval of a settlement deal between Byju's and BCCI. The court cited procedural lapses in the settlement process and directed BCCI to deposit Rs 158 crore with the committee of creditors of Byju's parent company. The committee of creditors is instructed to maintain this amount in an escrow account and abide by further directions from the NCLT.

Byju Raveendran vows to pay staff salaries once he regains control over accounts

Economic Times

Economic Times · 11m ago

Byju Raveendran vows to pay staff salaries once he regains control over accounts

Byju's founder, Byju Raveendran, assured employees in an email that their salaries would be paid promptly once he gains control of the company's accounts, even if it means taking on more debt. Byju's has faced financial troubles after a settlement deal with the Board of Control for Cricket in India (BCCI) was contested by lenders. The Supreme Court has temporarily stayed the settlement agreement, preventing the founders from infusing more capital into the company. Byju's is hopeful for a turnaround and plans to launch Byju's 3.0, an AI-driven educational platform.

BCCI seeks withdrawal of insolvency petition against Byju's in NCLAT

Economic Times

Economic Times · 8m ago

BCCI seeks withdrawal of insolvency petition against Byju's in NCLAT

The Board of Control for Cricket in India (BCCI) has requested the withdrawal of its insolvency petition against edtech firm Byju's in the National Company Law Tribunal (NCLT). This comes after a Supreme Court ruling overturned a National Company Law Appellate Tribunal (NCLAT) decision that allowed a settlement between BCCI and Byju's. However, Byju's lenders have opposed the withdrawal, arguing that the committee of creditors (CoC) needs to make a decision first. BCCI maintains that the settlement was reached before the formation of the CoC. The matter will be heard in court on November 18.

BCCI hints at settlement talks with Byju's

Economic Times

Economic Times · 11m ago

BCCI hints at settlement talks with Byju's

The Board of Control for Cricket in India (BCCI) has requested a one-day adjournment at the National Company Law Appellate Tribunal (NCLAT), indicating ongoing talks with Byju's regarding a potential settlement. Byju's Founder, Raveendran, has filed a plea challenging the initiation of insolvency proceedings against Think & Learn, the company behind Byju's. The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of ₹158.9 crore by Think & Learn. Byju's expressed hope for an amicable settlement with the BCCI and has also taken the matter to the Karnataka High Court.

NCLAT Directs NCLT to Decide on BCCI-Byju's Dispute within Seven Days

OutlookIndia

OutlookIndia · 5m ago

NCLAT Directs NCLT to Decide on BCCI-Byju's Dispute within Seven Days

The National Company Law Appellate Tribunal (NCLAT) has ordered the National Company Law Tribunal (NCLT) to decide within a week on the Board of Control for Cricket in India's (BCCI) plea for settlement and withdrawal of the insolvency case against Byju's. Riju Raveendran, representing Byju's, challenged a past NCLT order that reinstated two creditors in Byju's Committee of Creditors, arguing it contradicted a settlement agreement with BCCI.

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