In September last year, the BCCI had applied to the Bengaluru bench of NCLT against Byju’s for defaulting on dues of Rs 158 crore.
The BCCI’s plea is related to Byju’s default on dues of Rs 158 crore under their sponsorship contract for the Indian cricket team.
The National Company Law Tribunal (NCLT) on Tuesday admitted BCCI’s petition seeking insolvency proceedings against Think & Learn Pvt Ltd, the parent company of edtech giant Byju’s. This is related to Byju’s default on dues of Rs 158 crore under their sponsorship contract for the Indian cricket team.
The BCCI administers professional cricket in India.
In September last year, the BCCI had applied to the Bengaluru bench of NCLT against Byju’s for defaulting on dues of Rs 158 crore. The case pertains to the dispute around the sponsorship rights of the Indian cricket team’s jerseys.
“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 (tax deducted at source) as reflected in the invoices attached,” said the NCLT order delivered on November 28, 2023.
