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

Inshorts · 10m 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.

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Related News

BCCI in talks with BYJU'S to settle dispute over ₹158 crore dues

Internet

Internet · 11m ago

BCCI in talks with BYJU'S to settle dispute over ₹158 crore dues

The Board of Control for Cricket in India (BCCI) told the National Company Law Appellate Tribunal (NCLAT) on Tuesday that it is in talks with Byju Raveendran to settle its dispute with BYJU'S-parent Think and Learn. The startup was admitted into insolvency earlier this month over BCCI's plea. The dispute is over dues worth ₹158 crore related to sponsorship rights.

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

Economic Times

Economic Times · 10m 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.

BYJU'S owes ₹4.5 crore to 160-200 ex-employees: Karnataka Minister Lad

Money Control

Money Control · 1y ago

BYJU'S owes ₹4.5 crore to 160-200 ex-employees: Karnataka Minister Lad

BYJU'S owes a total of around ₹4.5 crore to 160-200 former employees, Karnataka's Labour Minister Santosh Lad told Moneycontrol. He met with BYJU'S representatives on July 1 and urged them to settle outstanding dues owed to former employees. "I have instructed them to settle at least 50%...dues...at the earliest, with remaining 50% to be paid in due course," Lad said.

NCLT reserves ruling on Byju’s creditor appeals, BCCI insolvency petition

Economic Times

Economic Times · 6m ago

NCLT reserves ruling on Byju’s creditor appeals, BCCI insolvency petition

The National Company Law Tribunal (NCLT) has reserved its decision on appeals involving Glas Trust and Aditya Birla Finance to join Byju's committee of creditors, and BCCI's application to withdraw its insolvency petition against Byju's. Glas Trust and Aditya Birla Finance, initially part of the creditors' committee, were removed after reconstitution. The tribunal is scrutinizing the process, stressing the resolution professional's responsibility and authority limits, particularly concerning creditor classifications and reconstitution powers.

NCLT lists Byju's vs BCCI case for March 20, order likely next week

Livemint

Livemint · 1y ago

NCLT lists Byju's vs BCCI case for March 20, order likely next week

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.

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.

SC orders SpiceJet to clear Credit Suisse dues by 15 March

Livemint

Livemint · 1y ago

SC orders SpiceJet to clear Credit Suisse dues by 15 March

The Supreme Court has ordered SpiceJet to settle all pending payments to Credit Suisse by 15 March. The court directed the airline to pay $1.25 million to Credit Suisse and summoned SpiceJet's chairman and managing director to appear before the court. The court questioned SpiceJet's capacity to finance the acquisition of bankrupt airline Go First while neglecting its overdue payments. Credit Suisse had filed a petition alleging intentional non-compliance with court directives and failure to settle outstanding dues. SpiceJet has recently garnered attention for a joint bid to acquire Go First.

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.

Byju’s investors file caveats in SC

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju’s investors file caveats in SC

Investors of Byju's, the edtech company, have filed a plea with the Supreme Court to be heard before the court decides on a potential plea against a National Company Law Tribunal (NCLT) order. The investors, including General Atlantic and Sofina, have lodged separate caveats at the top court. This comes after the NCLT directed Byju's to hold the proceeds from a rights issue in a separate account until the disposal of an oppression and mismanagement plea by investors. Byju's has faced several legal challenges recently, including insolvency petitions from US lenders and the Board of Control for Cricket in India.

ETtech Explainer: Edtech company Byju’s legal woes take new turn

Economic Times

Economic Times · 5m ago

ETtech Explainer: Edtech company Byju’s legal woes take new turn

Byju's parent company, Think & Learn, struggled to exit insolvency proceedings as the Board of Control for Cricket in India (BCCI) sought to withdraw its case. The National Company Law Tribunal directed the company's insolvency resolution professional to submit BCCI's withdrawal request to the creditors' committee for approval. Disputes over unpaid dues led to the proceedings, and creditor opposition complicated resolution efforts. The committee now holds the authority to decide on the withdrawal.

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