BCCI in discussion with Byju's to settle dispute related to unpaid dues

Edtech firm Byju’s is in talks with the Board of Control for Cricket in India (BCCI) to settle the Rs 158.90 crore dues it owes to the latter, the  Indian cricket board's  counsel told the National Company Law Appellate Tribunal (NCLAT) on Tuesday.

BCCI sought a day's adjournment at the NCLAT in the case related to the financial dispute with Byju’s parent firm Think and Learn. It said that talks were going on with the edtech company’s founder Byju Raveendran, hinting at the possibility of a settlement. The NCLAT bench will hear the matter on July 31.

Solicitor General Tushar Mehta, who appeared on behalf of the BCCI, informed the bench that some talks were on and the BCCI wanted time to see if “anything fruitful will come” out of such discussion, according to a report by law platform Bar & Bench.

 

Arun Kathpalia, a lawyer representing the edtech company, informed NCLAT that Byju’s has “almost resolved” the matter with the BCCI and will pay “a certain tranche of the money” by this evening, according to news agency Bloomberg.

Meanwhile, Senior Advocate Mukul Rohatgi, who appeared for a US-based lender of Byju's, agreed to the adjournment, but added that the Appellate Tribunal must keep in mind that if the BCCI and Raveendran reach a settlement, his client’s case should not be prejudiced, according to Bar & Bench.

On July 16, the National Company Law Tribunal (NCLT) admitted Byju’s, officially known as Think and Learn Pvt Ltd, into the Corporate Insolvency Resolution Process (CIRP) based on a petition filed by the BCCI due to unpaid dues amounting to Rs 158.90 crore.

Due to the NCLT's order, Raveendran lost immediate control of the company. The tribunal appointed a bankruptcy professional to oversee daily operations during the proceedings.

On July 23, Raveendran had moved NCLAT seeking an urgent hearing in the matter.