Jul 16, 2024 11:43 AM IST
BCCI sought initiation of insolvency proceedings against the ed-tech giant over alleged unpaid dues of ₹158 crore.
The Bengaluru bench of the National Company Law Tribunal (NCLT) admitted BCCI’s petition seeking insolvency proceedings against Byju’s. The BCCI had sought initiation of insolvency proceedings against the ed-tech giant over alleged unpaid dues of ₹158 crore under their sponsorship contract for the Indian cricket team.
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In September last year, BCCI applied to the Bengaluru bench of NCLT against Think & Learn Pvt Ltd, the parent company of Byju’s over defaulting on dues of close to ₹160 crore. The case pertains to dispute around the sponsorship rights of the Indian cricket team’s jerseys following which the tribunal registered the matter for further hearing on November 15.
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At the time, Byju’s said it was in talks with BCCI to settle a pending insolvency matter filed against it in Bengaluru NCLT. The NCLT said in its order, “It is stated that the General notice was issued to Byju’s vide email dated 06.01.2023 and the default amount of ₹158 crore, excluding TDS (tax deducted at source) as reflected in the invoices attached.”
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Byju’s had three key branding partnerships with the BCCI, ICC (International Cricket Council), and FIFA (Federation Internationale de Football Association). These were up for renewal in 2023 but were not processed.
