BENGALURU: Edtech firm Byju’s and the Board of Control for Cricket in India (BCCI) are in ‘discussions’ to settle their dispute.
Byju’s is trying to resolve this dispute so as to avert insolvency proceedings. BCCI counsel has requested for time since some active settlement conversations are on. The Solicitor General who appeared on behalf of the BCCI urged the National Company Law Appellate Tribunal (NCLAT), Chennai, to adjourn the hearing. The hearing will be held on Wednesday.
Meanwhile, the Karnataka High Court disposed of the petition filed by Byju Raveendran seeking the insolvency proceedings to be suspended.
On July 16, the NCLT, Bengaluru bench, admitted an insolvency plea filed by the BCCI against Byju’s over a Rs 158 crore debt. A few days later, Raveendran had moved the NCLAT Chennai challenging the insolvency order. He filed a writ petition before the HC seeking suspension of the proceedings.
Both BCCI and Byju’s entered a team sponsor agreement in 2019, and in 2022, Byju’s made payment in full only against one invoice for the year 2022-2023. The firm failed to make payments against the remaining invoices raised by the BCCI for financial year 2022-23.
As per reports, counsel appearing for Byju’s US-based lenders sought to appeal the NCLT’s order disposing of their insolvency plea as the BCCI’s plea had already been admitted.