BYJUs-BCCI case: Cricket board moves NCLT for settlement approval in embattled edtech’s insolvency case

The matter will be heard by the NCLT on November 19.

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| November 19, 2024 , 8:13 am
Bjyu's used to be India's leading online education platform, which valued around $22 billion at its peak. But, the company found itself in trouble with the law and central agencies because of subdued demand and irregularities in foreign investments.
Bjyu's used to be India's leading online education platform, which valued around $22 billion at its peak. But, the company found itself in trouble with the law and central agencies because of subdued demand and irregularities in foreign investments.

After a Supreme Court ruling quashed an earlier order permitting settlement between the Board of Control for Cricket in India (BCCI) and Byju’s, the BCCI has approached the National Company Law Tribunal (NCLT) seeking approval to resolve a payment dispute worth Rs 158 crore, as per a CNBC-TV18 report.

The SC had recently revived insolvency proceedings against the embattled edtech company and directed that the Rs 158 crore settlement amount be placed in an escrow account managed by the Committee of Creditors (CoC). This decision nullified the National Company Law Appellate Tribunal’s (NCLAT) earlier approval of the settlement.

The NCLAT had dismissed insolvency proceedings against Byju’s following a settlement with the cricket board, but the court found this violated the procedures under the Insolvency and Bankruptcy Code (IBC). The BCCI is expected to propose the settlement amount be deposited in the COC-managed escrow account to comply with the apex court’s directives, the report stated.

The matter will next be heard by the NCLT on November 19.

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