Byju's crisis: NCLT admits BCCI's plea for insolvency against the edtech firm
The BCCI claimed that Byju’s had defaulted on a payment of Rs 158 crore. The case was first filed on September 8, 2023
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On July 16, the National Company Law Tribunal (NCLT) admitted Byju's parent company, Think and Learn Pvt Ltd, into the insolvency resolution process following a plea filed by the Board of Control for Cricket in India (BCCI)
The embattled edtech company will attempt to settle the matter with the Board of Control for Cricket in India (BCCI) outside the court, sources close to the development told Moneycontrol.
The tribunal has appointed Pankaj Srivastava as the interim resolution professional, in charge of running the company till the lenders form a committee known as the Committee of Creditors.
"The Interim Resolution Professional shall after collation of all the claims received against Think and Learn Pvt Ltd the Corporate Debtor and the determination of the financial position of the Corporate Debtor constitutes a Committee of Creditors," the order said.
The NCLT also dismissed Byju's request to refer the dispute to arbitration.
BCCI filed the case on September 8, 2023 and it came up for a hearing on November 28, 2023, when the NCLT issued a notice to Byju’s and sought its response.
According to the November 2023 order, the BCCI claimed that Byju’s had defaulted on a payment of Rs 158 crore. “It is stated that the general notice was issued to Byju’s vide email dated 06.01.2023 and the default amount of Rs 158 crore, excluding TDS as reflected,” the NCLT order from November read.
